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In re Haven Eldercare LLC

Bankruptcy debtors in jointly administered cases moved pursuant to 11 U.S.C.S. § 331 for approval of a procedure under which professionals and others could be compensated from estate assets on a monthly basis prior to court approval of their fees and/or expenses.
Ruling: 
Approval of advance payment procedure for professional fees and expenses denied.
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Commercial case opionion summary, case decided on February 13,2008, LexisNexis #0308-106

Hogil Pharm. Corp. v. Sapir (In re Innomed Labs LLC)

Appellants, a pharmaceutical corporation and one of its co-owners, challenged an order of the U.S. Bankruptcy Court authorizing appellee, a chapter 7 trustee of a debtor, to retain special legal counsel to investigate and possibly litigate claims by the debtor against appellants. Appellants argued that the law firm appointed as counsel to the trustee held interests adverse to the estate and was not disinterested.
Ruling: 
Law firm that previously represented co-owner of debtor LLC could represent trustee where co-owner did not hold adverse interest to estate.
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Commercial case opionion summary, case decided on January 29,2008, LexisNexis #0208-092

In re Calpine Corp.

The debtors, a group of related companies, filed for bankruptcy relief under chapter 11 of the United States Bankruptcy Code. The debtors submitted a proposed plan, discovery ensued, and a plan was confirmed. The objecting shareholders filed a motion for a limited stay pending appeal of the confirmation order and plan modification order.
Ruling: 
Stay pending appeal of confirmation order by holders of 5% of debtors' stock who did not participate in confirmation process denied.
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Commercial case opionion summary, case decided on January 24,2008, LexisNexis #0208-129

In re Delta Air Lines

Debtor airline, a chapter 11 debtor, objected to claims filed by "owner participants" (OPs) that were based on tax indemnification agreements (TIAs) and claims filed by indenture trustees under stipulated loss value (SLVs) contracts relating to leases associated with structured aircraft financing agreements. At issue, inter alia, was the status of such claims under 11 U.S.C. § 502.
Ruling: 
Debtor's objections to claims of owner participants overruled.
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Commercial case opionion summary, case decided on January 16,2008, LexisNexis #0208-133

In re Basis Yield Alpha Fund (Master)

Petitioner liquidators of a foreign debtor, an exempted limited liability financial company incorporated under the laws of the Cayman Islands, sought U.S. recognition of the debtor's Cayman Islands insolvency proceeding. No objection to recognition was made by any party, and the liquidators moved for summary judgment of recognition of the foreign proceeding as a foreign main proceeding.
Ruling: 
Cayman Islands insolvency proceeding of exempted company was not required to be recognized as a foreign main proceeding in absence of evidence of nature of business.
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Commercial case opionion summary, case decided on January 16,2008, LexisNexis #0208-061

In re Dunmore Homes Inc.

The creditors filed a motion to transfer venue of the debtor's chapter 11 case, pursuant to 28 U.S.C. § 1412, to the Eastern District of California. The banks and debtor opposed the motion.
Ruling: 
Venue transferred from state where debtor was incorporated and domiciled to state where sources of funding were located in interests of judicial economy.
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Commercial case opionion summary, case decided on January 14,2008, LexisNexis #0208-063

Savage & Assocs. v. Mandl (In re Teligent Inc.)

The plaintiff, the unsecured claim estate representative of the debtor, commenced an adversary proceeding to avoid and recover alleged preferential and fraudulent transfers made by the debtor to defendant, the former chief executive officer ("CEO") of the debtor. The preference amount was $40,105.40 and the constructive fraudulent transfer concerned loan proceeds in the amount of $12 million the CEO was released from having to repay.
Ruling: 
Debt forgiveness extended to debtor's former CEO was avoidable.
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Commercial case opionion summary, case decided on January 03,2008, LexisNexis #0208-028

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