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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.
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Commercial case opionion summary, case decided on September 24,2008, LexisNexis #1008-066

Urban Communicators PCS Ltd. Pship v. Gabriel Capital LP

Creditor moved to compel payment of cash collateral under 11 U.S.C.S. §§ 362(d) and 363(e). It sought proceeds of a certain Federal Communications Commission (FCC) license sale. Debtors argued the creditor was not secured. The Bankruptcy Court for the Southern District of New York ruled that the creditor was secured. It also determined the appropriate rate of post-petition interest on the creditor's claim. Both sides appealed.
Ruling: 
Bankruptcy court erred in reducing postpetition interest on unsecured claim.
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Commercial case opionion summary, case decided on September 12,2008, LexisNexis #1008-025

In re Alper Holdings USA

Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code, and claimant, a company that purchased assets belonging to a business that became the debtor's subsidiary, filed claims against the debtor's bankruptcy estate. The debtor asked the court to disallow the claims, pursuant to 11 U.S.C.S. § 502(e)(1)(B), or , in the alternative, to determine the amount of the claims.
Ruling: 
Objection to claim for costs of defense of possible future environmental claims against debtor's former subsidiary sustained.
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Commercial case opionion summary, case decided on September 10,2008, LexisNexis #1108-073

In re Northwest Airlines Corp.

The reorganized debtors, who operated a commercial airline, filed an objection to two proofs of claim filed by a lessor. The claims arose in connection with the debtors' rejection of the leases for two aircraft. The lessor claimed damages of $7.5 million on each lease, based in part on a liquidated damages clause in the lease that required a fixed and non-declining stipulated loss value (SLV).
Ruling: 
Debtor's objection to liquidated damages claim based on rejected lease sustained as claim was unreasonable.
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Commercial case opionion summary, case decided on September 05,2008, LexisNexis #1108-062

In re Northwest Airlines Corp.

Debtors, an airline and others, filed a petition under chapter 11 of the Bankruptcy Code, and creditor, a credit corporation, filed a claim seeking payment of approximately $ 30,024,932 under tax indemnification agreements (TIAs) it concluded with the airline. The debtors filed an objection to the creditor's claim.
Ruling: 
Debtor's objection to creditor's tax indemnification claim overruled.
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Commercial case opionion summary, case decided on September 05,2008, LexisNexis #1108-061

In re Enron Creditors Recovery Corp. v. Goldman Sachs & Co. (In re Enron Creditors Recovery Corp.)

Plaintiff, reorganized chapter 11 debtors, and related entitites, had filed adversary proceedings against various companies. The Securities and Exchange Commission (SEC) sought to intervene under Fed. R. Bankr. P. 7024 and filed a motion for leave to file a brief out of time in the adversary proceedings, pursuant to 11 U.S.C.S. § 1109. The debtors opposed the motion.
Ruling: 
SEC allowed to file brief out of time in adversary proceeding as its position was important to the record of the case.
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Commercial case opionion summary, case decided on September 04,2008, LexisNexis #1208-102

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 ]
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Commercial case opionion summary, case decided on August 14,2008, LexisNexis #0908-023

In re Source Enters.

Appellant, a law firm that had represented affiliated debtors as bankruptcy counsel challenged an order of the U.S. Bankruptcy Court for the Southern District of New York confirming its plan of reorganization. At issue was whether appellant's challenge to confirmation was foreclosed because the plan had been"substantially consummated" within the meaning of 11 U.S.C.S. § 1101(2) and whether other provisions were violated.
Ruling: 
Appeal of plan confirmation denied as moot due to substantial consummation.
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Commercial case opionion summary, case decided on August 12,2008, LexisNexis #0908-010

City of Ann Arbor Employees Ret. Sys. v. Citigroup Mortg. Loan Trust Inc.

Plaintiff retirement system and investors brought a class action against defendant mortgage loan trusts in state court, alleging violations of 15 U.S.C.S. §§ 77k and 77o. The matter was removed to federal district court. The retirement system and investors moved to remand on the ground that 15 U.S.C.S. § 77v(a) prohibited removal of cases brought under the Securities Act of 1933.
Ruling: 
Securities claims had conceivable effect on debtor's bankruptcy and were properly removed.
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Commercial case opionion summary, case decided on August 11,2008, LexisNexis #0908-061

In re Calpine Corp.

Debtor and its affiliated reorganized debtors (hereafter referred to as debtor) sought entry of an order granting debtor's objection, pursuant to 11 U.S.C.S. § 502 and Fed. R. Bankr. P. 3007, to claims filed by two claimants (hereafter referred to as the claimant).
Ruling: 
Previously withdrawn claims refiled postconfirmation as claims for "rejection damages" disallowed.
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Commercial case opionion summary, case decided on August 04,2008, LexisNexis #0908-045

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