Search Opinion

In re Royal West Props.

Chapter 7 trustee objected to secured claims filed by investors of the debtor's business.
Ruling: 
Creditor investors with unperfected security interests in reacquired real estate held unsecured claims.
ABI Membership is required to access the full summary of In re Royal West Props.. 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 December 29,2010, LexisNexis #0211-015

In re British Am. Isle of Venice Ltd.

Petitioner was appointed by the High Court of Justice, British Virgin Islands, Commercial Court (the "BVI court"), to liquidate a British Virgin Islands corporation that conducted business in the United States, and he filed a petition in the bankruptcy court which asked the court to recognize the action in the BVI court as a foreign main proceeding under 11 U.S.C.S. § 1517(b)(1). A creditor opposed the petition.
Ruling: 
Petitioner who represented debtor's parent, debtor's largest creditor, in other bankruptcy cases was eligible to seek recognition of foreign main proceeding.
ABI Membership is required to access the full summary of In re British Am. Isle of Venice Ltd.. 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 December 23,2010, LexisNexis #0111-099

In re Western Healthcare LLC

A Chapter 11 debtor leased assisted living facilities. After the debtor filed its petition for relief, the lessor filed a motion for relief from the automatic stay to allow it to take possession of the facilities.
Ruling: 
Lessor granted relief from stay to take possession of property for which debtor's lease had expired.
ABI Membership is required to access the full summary of In re Western Healthcare LLC. 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 December 09,2010, LexisNexis #0111-117

Sherwood Invs. Overseas Ltd. Inc. v. Royal Bank of Scotland (In re Sherwood Invs. Ltd. Inc.)

Debtor, a British Virgin Islands corporation, filed an adversary proceeding against defendant bank, which filed a motion to dismiss the proceeding for forum non conveniens. It argued that the case should be refiled in London.
Ruling: 
British Virgin Islands corporation that filed for bankruptcy in a proper U.S. court could file adversary proceeding against British bank in the same court.
ABI Membership is required to access the full summary of Sherwood Invs. Overseas Ltd. Inc. v. Royal Bank of Scotland (In re Sherwood Invs. Ltd. 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 December 09,2010, LexisNexis #0211-031

In re SOL LLC

The Chapter 7 trustee filed a motion to approve a settlement and compromise with the trustee in a bankruptcy case filed by the debtor's 80% shareholder. A creditor objected to the motion.
Ruling: 
Settlement with debtor's 80 percent shareholder approved over objection by 20 percent owner of debtor.
ABI Membership is required to access the full summary of In re SOL LLC. 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 December 03,2010, LexisNexis #0111-015

Welt v. EfloorTrade LLC (In re Phoenix Diversified Inv. Corp.)

Bankruptcy trustee brought an adversary proceeding against accountants alleging that the accountants engaged in professional malpractice and aiding and abetting breaches of fiduciary duty by preparing an insufficient financial statement which facilitated a Ponzi scheme perpetrated by a principal of the bankruptcy debtor. The accountants moved to dismiss the complaint or for permissive abstention.
Ruling: 
Court declined to abstain from adversary proceeding for professional malpractice by debtor's accountants.
ABI Membership is required to access the full summary of Welt v. EfloorTrade LLC (In re Phoenix Diversified Inv. 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 November 01,2010, LexisNexis #1210-101

In re C&D Dock Works Inc.

Chapter 7 trustee applied for a commission of $473,250 and costs in connection with his handling of a chapter 7 estate. At issue was whether the commission requested by the trustee was "reasonable" within the meaning of 11 U.S.C.S. § 326(a).
Ruling: 
Trustee in no asset case who pursued claim against insurance carrier for coverage of personal injury claim and achieved settlement was entitled to maximum compensation.
ABI Membership is required to access the full summary of In re C&D Dock Works 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 19,2010, LexisNexis #1110-074

Menotte v. United States (In re Custom Contrs. LLC)

Chapter 7 trustee filed an adversary proceeding against defendant United States Government, seeking a determination that payments an LLC made to the Internal Revenue Service before the LLC declared chapter 7 bankruptcy could be avoided under 11 U.S.C.S. §§ 544 and 548 and the Florida Uniform Fraudulent Transfer Act (FUFTA), Fla. Stat. § 726.105 et seq. The Government filed a motion to dismiss the trustee's complaint.
Ruling: 
Trustee could seek to recover prepetition personal tax payments made by owner of LLC with LLC money.
ABI Membership is required to access the full summary of Menotte v. United States (In re Custom Contrs. LLC). 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 05,2010, LexisNexis #1210-020

In re Compaun

A Chapter 13 trustee objected to the confirmation of a debtor's proposed plan. The trustee asserted that the debtor incorrectly deducted business expenses from current monthly income through Official Form 22C and as a result, her plan did not provide for the correct applicable commitment period of 60 months.
Ruling: 
Debtor held to 60-month commitment period despite prejudicial effect of required current monthly income calculation on sole proprietors.
ABI Membership is required to access the full summary of In re Compaun. 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 30,2010, LexisNexis #1110-063

In re Green River Biodiesel Inc.

An unsecured creditor sought leave to file its claims after the bar date, asserting that it failed to receive notice of the bar date under Fed. R. Bankr. P. 2002(a)(8). Respondent, the debtor, objected to the motion.
Ruling: 
Creditor with actual notice of bankruptcy was allowed to file late proof of claim where notice of bar date was not sent to address in schedules.
ABI Membership is required to access the full summary of In re Green River Biodiesel 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 September 24,2010, LexisNexis #1110-104

Pages