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New Cases For the Week of April 2, 2007 - April 6, 2007
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Click here to search prior New Opinion summaries.
April 4, 2007 |
Case |
Court |
Holding |
In re Ahaza Systems
(DBN Subscription Required) |
9th Cir. |
Determination as to whether debt was "ordinary" could be made by referring to parties' practice with others where transaction at issue was parties' first. |
In re LaFata
(DBN Subscription Required) |
1st Cir. |
Grant of debtor's motion to bifurcate a mortgage lender's claim and denial of the lender's motion to vacate the orders are affirmed where: 1) the bankruptcy court correctly interpreted section 1322(b)(2) of the Bankruptcy Code as allowing bifurcation; 2) the lender was allowed a reasonable opportunity to object to the valuation of the collateral in question; 3) the bankruptcy court correctly applied the burden of proof; and 4) the lender did not show prejudice resulting from the denial of its motion to vacate. |
Emerald Casino v. Village of Rosemont
(DBN Subscription Required) |
7th Cir. |
In proceedings brought by a city and a bankrupt gaming company seeking to force the Illinois Gaming Board (IGB) to cooperate in transferring the company's gaming license to another party and not take disciplinary action against the company, dismissal of all claims is affirmed where: 1) nothing in the bankruptcy's confirmed plan of reorganization required the IGB to refrain from pursuing its disciplinary proceeding; and 2) nothing in either bankruptcy law or general principles of law would support the kind of interference with the state administrative proceedings that the plaintiffs requested. |
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April 3, 2007 |
Case |
Court |
Holding |
VFB LLC v. Campbell Soup Co.
(DBN Subscription Required) |
3rd Cir. |
In a suit brought by disappointed creditors of bankrupt company, Vlasic, against Campbell Soup company arising from a "spin" transaction alleged to be a constructively fraudulent transfer, judgment in favor of Campbell is affirmed where: 1) the district court did not err in concluding that Vlasic received reasonably equivalent value in a "spin," and thus a fraudulent transfer claim failed; and 2) the district court did not clearly err in concluding that Vlasic was solvent at the time of the spin, and thus, its claim for aiding and abetting a breach of fiduciary duty failed. |
In re Senior Cottages of America, LLC
(DBN Subscription Required) |
8th Cir. |
The collusion of corporate insiders with third parties to injure the corporation does not deprive the corporation of standing to sue the third parties. |
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