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New Cases For the Week of January 27,
2003 - January 31, 2003
Brought to you by BKINFORMATION.COM
- The Source for Business Bankruptcy Information on the Internet
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January
30, 2002
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Case
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Court
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Holding
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| In
re Response USA, Inc. |
D.
N.J. |
Creditors
who received stock of the debtor as part
of the consideration in a prepetition sale
of their business to the debtor could not
avoid the effect of section 510(b) by
asserting that their claim against the
debtor was not based on
"damages" from a sale of the
debtor's securities, but instead was based
on a contractual provision requiring
the debtor to pay cash to the claimants if
the stock declined in value. |
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January
29, 2002
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Case
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Court
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Holding
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In
re Emery
(DBN Subscription Required) |
9th
Cir. |
The
bankruptcy court did not err in finding
that a mortgage which assigned all of a
debtor's causes of action to a lender to
secure all amounts owed by a debtor did
not require the debtor's attorney to
disburse to the lender the net proceeds of
a lawsuit. The term "owed to
lender" meant amounts then due to
lender. Since, at the time the
litigation proceeds were distributed, the
loan had not been accelerated, and the
debt was not in default, there was nothing
"owed to lender." |
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January
27, 2002
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Case
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Court
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Holding
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