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New Cases For the Week of November 12, 2007 - November 16, 2007
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Click here to search prior New Opinion summaries.
November 16, 2007 |
Case |
Court |
Holding |
In re Oakwood Homes Corp.
(DBN Subscription Required) |
Bankr. DE |
A debtor/plaintiff which asserted counterclaims for negligence and breach of fiduciary duty in response to creditors' claims was entitled to a jury trial. The debtor's claims were not part of the claims allowance process, as the debtor could have brought the claims separately and they would have had no impact on the allowance of the creditor's claims. |
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November 15, 2007 |
Case |
Court |
Holding |
In The Matter of: Scotia Pac. Co. LLC
(DBN Subscription Required) |
5th Cir. |
In a bankruptcy case involving debtor-limited liability company whose business was to derive maximum revenue from timber grown on certain lands transferred to it while maintaining sustainable forests, denial of noteholders' motion to expedite the bankruptcy proceedings is affirmed where the bankruptcy court correctly held that the bankruptcy debtor was not a "single asset real estate" (SARE) debtor under section 101(51B) of the Bankruptcy Code and was therefore not subject to expedited reorganization procedures set forth in section 362(d)(3) of the Code. |
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November 14, 2007 |
Case |
Court |
Holding |
In re Frazer
(DBN Subscription Required) |
9th Cir. BAP |
§ 108(b) does not trump § 1322(b). |
In re Iida
(DBN Subscription Required) |
9th Cir. BAP |
A foreign bankruptcy
trustee is not required to obtain an order from a federal or state court in the
United States before exercising control over property in the
United States owned by the foreign debtor, when the trustee is not seeking judicial assistance. |
In re Wade Cook Financial Corp.
(DBN Subscription Required) |
9th Cir. BAP |
Though IRC § 6402 creates a right of setoff for the IRS, it
does not except the IRS from meeting the requirements of § 553.
There is nothing in the Bankruptcy Code that grants the IRS
a special status above and beyond other creditors whose rights of
setoff are subject to the requirements of § 553. |
In re USA Commercial Mortgage Co.
(DBN Subscription Required) |
9th Cir. BAP |
A proof of claim asserted by an equity holder for breach of
contract and fraud relating to the purchase of a security is not duplicative of the equity holder’s proof of interest. |
In re Amp'd Mobile, Inc.
(DBN Subscription Required) |
Bankr. DE |
Funds collected by a cell phone seller from customers for premiums for handset insurance were not held in trust for the insurer and were property of the estate. |
In re Solutia, Inc.
(DBN Subscription Required) |
Bankr. SD NY |
Where an indenture provided for automatic acceleration of notes upon the filing of a bankruptcy petition, the acceleration was self-enabling and effective, and a subsequent notice of deacceleration violated the automatic stay. |
In re Northwest Airlines Corp.
(DBN Subscription Required) |
Bankr. SD NY |
The legal fees sought by an oversecured creditor should be substantially reduced because much
of the litigation constituted unnecessary legal maneuvers, and the requested fees and expenses are unreasonable due to substantial duplication of effort and the accrual of excess fees by multiple lawyers
billing at partners’ rates. |
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November 13, 2007 |
Case |
Court |
Holding |
Arlington LF, LLC v. Arlington Hospitality, Inc.
(DBN Subscription Required) |
N.D. Il. |
The bankruptcy court erred when it found that a DIP lender had anticipatorily breached a DIP loan agreement, thereby excusing the debtor from paying fees. |
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November 12, 2007 |
Case |
Court |
Holding |
In re Cohen
(DBN Subscription Required) |
7th CIr. |
In an appeal arising from an adversary complaint in bankruptcy proceedings alleging that a loan to debtor was not dischargeable in bankruptcy, summary judgment for the debtor is affirmed where: 1) the lower courts correctly determined that plaintiff failed to carry its burden of proof with regard to the alleged material falsity of a list of accounts receivable, which had been used in securing the loan at issue; and 2) there was no error in a conclusion that plaintiff failed to supply evidence that the debtor had an intent to deceive. |
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