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In re H.T. Pueblo Props. LLC

Movant, the principal secured creditor, filed a motion for relief from the automatic stay, and a motion for adequate protection, under 11 U.S.C.S. §§ 361-363, against chapter 11 debtor in possession, whose sole asset was a Ramada Inn motel.
Ruling: 
Relief from stay granted as debtor had no reasonable prospect of reorganization or providing adequate protection.
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Commercial case opionion summary, case decided on December 30,2011, LexisNexis #0212-007

Central States Southeast & Southwest Areas Pension Fund v. SCOFBP LLC

The U.S. District Court for the Northern District of Illinois held here that defendant two solvent affiliates of defendant insolvent employer, that incurred withdrawal liability to plaintiff fund, were both trades or businesses that were under common control with the insolvent employer at all relevant times so that both were liable for the employer's withdrawal liability. Defendants appealed.
Ruling: 
Companies that were part of debtor's estate were under common control of debtor and liable for debtor's withdrawal liability.
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Commercial case opionion summary, case decided on December 27,2011, LexisNexis #0112-105

In re BWP Transp. Inc.

Debtor's proposed plan of reorganization was before the court for confirmation. Debtor's largest creditor (the "objector"), which was also a secured creditor, objected to confirmation on numerous grounds.
Ruling: 
Solvent debtor's plan could not be confirmed on cramdown basis where objecting creditor would not be paid in full.
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Commercial case opionion summary, case decided on December 23,2011, LexisNexis #0112-095

In re Olde Prairie Block LLC

A secured creditor filed a motion to dismiss a chapter 11 debtor's updated third amended plan of reorganization on the grounds that the plan contained at least four per se violations of the confirmation requirements of 11 U.S.C.S. § 1129.
Ruling: 
Plan that would allow debtor to retain property free and clear of creditor's lien could not be confirmed over creditor's objection.
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Commercial case opionion summary, case decided on December 23,2011, LexisNexis #0212-062

In re Borders Group Inc.

The chapter 11 debtors filed objections to proofs of claim submitted by two Texas counties on the grounds that they were filed after the governmental bar date. The counties alleged that their claims were amended and related back to the dates of the original claims.
Ruling: 
Counties' amended proofs of claim disallowed absent proof that original proofs of claim were submitted prior to governmental bar date.
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Commercial case opionion summary, case decided on December 22,2011, LexisNexis #0112-079

In re JerJameson Mezz Borrower II LLC

Creditor of chapter 11 debtor filed a motion to dismiss the chapter 11 petition filed by the debtor for cause under 11 U.S.C.S. § 1112(b), with prejudice under 11 U.S.C.S. § 349(a), and filed a motion to obtain relief from the automatic stay pursuant to 11 U.S.C.S. § 362(d).
Ruling: 
Petition filed by debtor with one asset on eve of foreclosure dismissed for bad faith.
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Commercial case opionion summary, case decided on December 22,2011, LexisNexis #0112-092

In re River West Plaza-Chicago LLC

A bankruptcy court disallowed appellant creditor's claim, approved the sale of the debtor's shopping center, and confirmed the liquidation plan. The U.S. District Court for the Northern District of Illinois, Eastern Division, found the creditor did not obtain a stay of the sale or challenge the buyer's status as a good-faith purchaser, and dismissed his appeal as 11 U.S.C.S. § 363(m) rendered his appeal of the disallowance order moot.
Ruling: 
Appeal of disallowance of secured claim was moot where creditor did not obtain stay of sale of real estate or appeal confirmation order.
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Commercial case opionion summary, case decided on December 22,2011, LexisNexis #0112-078

CIT Group Inc. v. Tyco Intl Ltd. (In re CIT Group Inc.)

Pending were cross-motions for summary judgment filed by plaintiff, the reorganized debtor, and by defendant, its former indirect parent company. Debtor argued that a claim filed by the parent should be subordinated, 11 U.S.C.S. § 510(b), as one for damages arising from the sale of debtor's securities because the tax agreement on which it was based was entered into as an integral part of the spinoff of debtor from the parent's corporate group.
Ruling: 
Claim based on rights under tax agreement with debtor's parent in corporate restructuring including stock issuance did not arise form the sale of a security and was not subject to subordination.
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Commercial case opionion summary, case decided on December 21,2011, LexisNexis #0112-083

In re Information Network

Before the Court was the First and Final Application for Allowance of Fees and Reimbursement of Expenses to Special Counsel for Trustee (the Fee Application) and the objections thereto.
Ruling: 
Attorneys' fees denied to the extent services rendered did not benefit estate.
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Commercial case opionion summary, case decided on December 21,2011, LexisNexis #0212-039

In re Washington Mut. Inc.

Before the court was debtor's objection to the claim filed by a claimant. The crux of the issues presented was whether the claimant had properly pleaded a claim and if that claim should be subordinated. The claimant alleged that a subsidiary of a bank owned by debtor solicited, offered, and sold trust certificates to the claimant pursuant to offering documents containing material misrepresentations and omissions.
Ruling: 
Claim based on sale of trust certificates was not subject to subordination where certificates were not securities of debtor or affiliate.
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Commercial case opionion summary, case decided on December 20,2011, LexisNexis #0112-084

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