New Cases For the Week of August 25, 2003 - August 29, 2003

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August 26, 2003

Case

Court

Holding

In re Popkin & Stern
(DBN Subscription Required)
8th Cir.  A malpractice claim against a bankrupt law firm was asserted before the firm dissolved, making the firm's insurer liable for payment of the claim.
In re Odom Antennas, Inc.
(DBN Subscription Required)
8th Cir.  Although any party in interest generally has standing to pursue a claim objection, the debtors lacked authority to attempt to disallow or subordinate secured penalty-type claims using sections 502(d) and 724(a).  The 724(a) lien avoidance power  can only be exercised by a trustee, per the Supreme Court's decision in Hartford Underwriters Ins. Co. v. Union Planters Bank, 530 U.S. 1, 6 (2000).  Allowing a debtor to exercise the lien avoidance power under the rubric of 502(d) would thwart the Code's exclusive reservation of the power to trustees.
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