§ 562

Sher v. JPMorgan Chase Funding Inc. (In re TMST Inc.)

Ruling: 
Dismissal of proceeding against creditor for breach of repurchase agreement vacated.
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Commercial case opionion summary, case decided on November 14,2014, LexisNexis #1214-060

Crdit Agricole Corp. v American Home Mortg. Holdings Inc. (In re American Home Mortg. Holdings Inc.)

Pursuant to a repurchase contract, creditor, a purchaser, filed four identical proofs of claim against debtor for an amount that exceeded the total repurchase price. One year later, the chapter 11 debtor filed its objections to the claims, seeking either to disallow or reduce them pursuant to 11 U.S.C.S. § 562. The U. S. Bankruptcy Court for the District of Delaware sustained the objections and ordered the repurchase claims expunged.
Ruling: 
Claims based on repurchase agreements disallowed where market value on acceleration date exceeded repurchase price.
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Commercial case opionion summary, case decided on February 16,2011, LexisNexis #0311-023

Securities Investor Protection Corp. v. Lehman Bros.

The trustee for the liquidation of the debtor, pursuant to the Securities Investor Protection Act (SIPA), 15 U.S.C.S. § 78aaa et seq., moved for an order upholding a determination as to the claim of a customer of the debtor, and moved to overrule the customer's objection to that determination. The issue concerned the effective date for determining the closing of certain short positions in the customer's prime brokerage account with the debtor.
Ruling: 
Safe harbor provision did not alter Securities Investor Protection Act principal that customer net equity claims are determined as of filing date.
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Commercial case opionion summary, case decided on June 01,2010, LexisNexis #0810-025

In re American Home Mortg. Holdings Inc.

A purchaser of mortgage loans from bankruptcy debtors under a repurchase agreement filed proofs of claim in the debtors' bankruptcy cases based on the difference between the repurchase price the debtors' were obligated to pay after default and the value of the loan portfolio. The debtors' objected to the claims on the ground that the value of the loan portfolio on the date the agreement was accelerated was greater than the repurchase price.
Ruling: 
Claim by purchaser of loan package valued at greater than purchase price on acceleration date under commercially reasonable methodology disallowed.
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Commercial case opionion summary, case decided on September 08,2009, LexisNexis #1009-022
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