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In re Sea Trail Corp.

A corporate bankruptcy debtor asserted that its longtime counsel properly represented the debtor in prior matters involving corporate, employee, labor, and other general business matters pertaining to the daily operation of the debtor. The debtor moved for approval to employ counsel as special counsel to the debtor pursuant to 11 U.S.C.S. § 327(e).
Ruling: 
Application to employ debtor's long-time general counsel denied absent specified special purpose.
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Commercial case opionion summary, case decided on December 09,2011, LexisNexis #0112-039

In re 4.98 Westgate Partners LLC

A chapter 11 debtor, which was a single asset entity, filed a motion to value collateral and a creditor filed a motion for relief from the automatic stay or, in the alternative, for adequate protection.
Ruling: 
Relief from stay denied where creditor was adequately protected.
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Commercial case opionion summary, case decided on December 07,2011, LexisNexis #0112-076

In re Zephyr Land Holdings LLC

The court held hearings on the confirmation of the debtor's chapter 11 plan. A creditor objected to the confirmation, in part because the debtor did not have a qualifying accepting impaired class to proceed to cram down under 11 U.S.C.S. § 1129(b).
Ruling: 
Confirmation denied due to lack of qualifying accepting impaired class for cramdown.
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Commercial case opionion summary, case decided on November 03,2011, LexisNexis #0112-060

In re Hendrix-Barnhill Co.

In a chapter 11 case, the bankruptcy administrator, a bank, and several other creditors objected to the debtor's plan and disclosure statement. The court held a hearing on the issue.
Ruling: 
Confirmation denied as plan was not fair and equitable to creditor bank.
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Commercial case opionion summary, case decided on October 27,2011, LexisNexis #0112-061

In re Croatan Surf Club LLC

Creditors secured by a bankruptcy debtor's condominium building entered into an agreement which subordinated a second lien creditor's security interest to a first lien creditor's interest, and provided that the first lien creditor could vote the subordinate debt in the event of the debtor's bankruptcy. Both the first and second lien creditors voted the subordinate debt, and the first lien creditor moved for authority to vote the subordinate debt.
Ruling: 
First lien creditor could not vote subordinated debt on plan despite terms of subordination agreement with second lien creditor.
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Commercial case opionion summary, case decided on October 25,2011, LexisNexis #0112-059

In re F & G Leonard LLC

In a chapter 11 case, an oversecured creditor filed an application for allowance of a secured claim for actual, reasonable, and necessary attorneys' fees and expenses pursuant to 11 U.S.C.S. § 506(b) and N.C. Gen. Stat. § 6-21.2. It sought a total of $217,415.63. The debtor objected.
Ruling: 
Application for secured claim for attorneys' fees allowed in keeping with broad language of provisions in note.
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Commercial case opionion summary, case decided on October 21,2011, LexisNexis #0112-048

Scott v. Family Dollar Stores Inc. (In re Family Dollar FLSA Litig.)

Procedural Posture: One plaintiff employee opted into a Fair Labor Standards Act suit against defendant employer, and a second plaintiff employee sued the employer under the Act for unpaid wages. The employer moved for summary judgment.
Ruling: 
Debtors estopped from pursuing undisclosed Fair Labor Standards Act causes of action.
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Commercial case opionion summary, case decided on October 14,2011, LexisNexis #1111-020

Callaway v. Energy Mizer Corp. (In re Hams Rests. Inc.)

Chapter 7 trustee filed an adversary proceeding against defendant corporation to avoid and recover preferences or fraudulent transfers. Defendant filed a motion to transfer venue on the ground that based on its affirmative defenses, any debt recoverable in this action would be less than the threshold amount of $11,725 required under 28 U.S.C.S. § 1409(b).
Ruling: 
Good faith allegation of amount of alleged preferential transfers was determinative in hearing on motion for change of venue for failure to meet threshold amount.
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Commercial case opionion summary, case decided on October 07,2011, LexisNexis #0112-067

In re M.C. Pipe Inc.

In this chapter 11 case, a creditor moved for relief from the automatic stay under 11 U.S.C.S. § 362, or in the alternative to convert the case to chapter 7. The debtor also filed an application to employ and compensate officers.
Ruling: 
Relief from stay denied where debtor in possession had improved position and creditor was over secured.
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Commercial case opionion summary, case decided on October 07,2011, LexisNexis #0112-043

Official Comm. of Unsecured Creditors of Taylor-Ramsey Corp. v. Ramsey (In re Taylor-Ramsey Corp.)

Plaintiff committee of unsecured creditors filed an adversary proceeding against defendant creditor in which plaintiff sought in part to avoid defendant's unrecorded deed of trust as a hypothetical judicial lien creditor under 11 U.S.C.S. § 544(a)(1). Both parties filed motions for partial summary judgment on the issue of avoidance of the deed of trust.
Ruling: 
Trustee could avoid unrecorded deed of trust through status as hypothetical lien creditor.
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Commercial case opionion summary, case decided on October 06,2011, LexisNexis #1111-025

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