Search Opinion

Nugent Establishment Industrie F.L. v. Agency for Deposti Ins. Of Serb. (In re Agency for Deposit Ins. Of Serbia)

Plaintiff appealed from an order of the United States District Court for the Southern District of New York, which granted defendant petitioner's motion for summary judgment on its petition under former 11 U.S.C.S. § 304.
Ruling: 
Petition for recognition of foreign proceeding was brought by a proper "foreign representative" and properly granted.
Court: 2nd Circuit ( ) [ Circuit Court ]
ABI Membership is required to access the full summary of Nugent Establishment Industrie F.L. v. Agency for Deposti Ins. Of Serb. (In re Agency for Deposit Ins. Of Serbia). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on November 21,2008, LexisNexis #1208-133

Regen Capital I Inc. v. Halperin (In re U.S. Wireless Data Inc.)

Appellant successor sought review of a judgment of the district court for the Southern District of New York, which found in favor of appellee trustee and affirmed a bankruptcy court's order expunging the successor's pre-petition general unsecured claim under the predecessor's executory contract on the ground that the successor sought additional compensation for a previously resolved "cure claim"under 11 U.S.C.S. § 365.
Ruling: 
Secured creditor's prepetition general unsecured claim under executory contract to be assumed disallowed due to predecessor's failure to object to cure amount.
Court: 2nd Circuit ( ) [ Circuit Court ]
ABI Membership is required to access the full summary of Regen Capital I Inc. v. Halperin (In re U.S. Wireless Data Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on October 29,2008, LexisNexis #1208-094

Houlihan Lokey Howard & Zukin Capital v. High River Ltd. Pship (In re XO Communs.)

Appellant financial company sought review of an order from the United States District Court for the Southern District of New York, which upheld a bankruptcy court's award of $ 4 million to the company for financial restructuring services to appellee debtor.
Ruling: 
Drastically reduced award of fees to financial company that provided debtor with restructuring services remanded due to ambiguities in bankruptcy court opinion.
Court: 2nd Circuit ( ) [ Circuit Court ]
ABI Membership is required to access the full summary of Houlihan Lokey Howard & Zukin Capital v. High River Ltd. Pship (In re XO Communs.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on October 15,2008, LexisNexis #1108-135

Browning v. MCI Inc. (In re WorldCom Inc.)

Appellant landowner challenged an order of the District Court for the Southern District of New York affirming an order of the Bankruptcy Court for the Southern District of New York granting the reorganized debtor-appellee corporation's motion to bar the landowner from prosecuting Kansas state law claims for trespass and unjust enrichment against the corporation following its emergence from a Chapter 11 proceeding.
Ruling: 
Prepetition state law right of action for trespass was discharged by plan confirmation.
ABI Membership is required to access the full summary of Browning v. MCI Inc. (In re WorldCom Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on October 14,2008, LexisNexis #1108-032

Official Committee of Equity Sec. Holders v. Official Comm. of Unsecured Creditors (In re Adelphia Communs. Corp.)

Appellant, a committee of equity security holders, appealed from an order of the United States District Court for the Southern District of New York, which dismissed the equity committee's appeal from the confirmation order of the United States Bankruptcy Court for the Southern District of New York, approving a chapter 11 bankruptcy plan.
Ruling: 
Bankruptcy court properly withdrew equity security holders committee's derivative standing and approved plan.
ABI Membership is required to access the full summary of Official Committee of Equity Sec. Holders v. Official Comm. of Unsecured Creditors (In re Adelphia Communs. Corp.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on September 24,2008, LexisNexis #1008-066

Wornick v. Gaffney

Appellant spouses sought review of an order of the United States District Court for the Western District of New York affirming the bankruptcy court's order sustaining appellee trustee's objection to the spouses' claim that the cash surrender values of whole life insurance policies that each spouse held for the benefit of the other were exempt from the joint administration of their bankruptcy estates.
Ruling: 
Debtor spouses' interests in reciprocal life insurance policies were inchoate and not subject to administration.
ABI Membership is required to access the full summary of Wornick v. Gaffney. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Consumer case opionion summary, case decided on September 24,2008, LexisNexis #1008-062

Chartschlaa v. Nationwide Mut. Ins. Co.

Plaintiff insurance agent and agency sued on several claims arising out of defendant insurers' termination of their relationship. The U.S. District Court for the District of Connecticut entered judgment for plaintiffs. The insurers appealed, and plaintiffs cross-appealed the district court's denial of their motion for prejudgment interest and grant of the insurers' motion for judgment as a matter of law on one of their claims.
Ruling: 
Debtor's renamed insurance agency and claims under agency agreement were property of the estate.
Court: 2nd Circuit ( ) [ Circuit Court ]
ABI Membership is required to access the full summary of Chartschlaa v. Nationwide Mut. Ins. Co.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on August 14,2008, LexisNexis #0908-023

Bondi v. Capital & Fin. Asset Mgmt.

Appellants challenged an order of the United States District Court for the Southern District of New York, denying a motion under 11 U.S.C.S. § 304 (repealed) by appellant debtor in foreign bankruptcy proceedings, to enjoin securities fraud actions brought against it in the United States.
Ruling: 
District court properly denied motion of debtor in foreign proceeding to enjoin U.S. securities fraud action.
ABI Membership is required to access the full summary of Bondi v. Capital & Fin. Asset Mgmt.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on July 22,2008, LexisNexis #0808-056

Argo Fund Ltd. v. Board of Dirs. of Telecom Arg. S.A. (In re Board of Dirs. of Telecom Arg. S.A.)

Appellant creditor appealed from a decision by the United States District Court for the Southern District of New York, which affirmed an order of the bankruptcy court), granting a petition by appellee, the board of directors of debtor, a major Argentine telecommunications company, for recognition of an ancillary foreign insolvency proceeding under former 11 U.S.C.S. § 304.
Ruling: 
Recognition of ancillary foreign proceeding affirmed.
ABI Membership is required to access the full summary of Argo Fund Ltd. v. Board of Dirs. of Telecom Arg. S.A. (In re Board of Dirs. of Telecom Arg. S.A.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on May 29,2008, LexisNexis #0608-134

COR Route 5 Co. LLC v. Penn Traffic Co. (In re Penn Traffic Co.)

Appellant creditor sought review of an order of U.S. District Court for the Southern District of New York, which affirmed a bankruptcy court order authorizing appellee debtor's rejection of an executory contract under 11 U.S.C.S. § 365(a). Prior to the commencement of the bankruptcy case, the creditor, a commercial real estate developer, entered into a contract with the debtor, a food retailer, to develop a new supermarket on certain property.
Ruling: 
Bankruptcy court properly held that postpetition completion of creditor's obligations under executory contract did affect debtor's ability to reject.
ABI Membership is required to access the full summary of COR Route 5 Co. LLC v. Penn Traffic Co. (In re Penn Traffic Co.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on April 29,2008, LexisNexis #0508-097