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New Cases For the Week of July 9, 2007 - July 13, 2007
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Click here to search prior New Opinion summaries.
July 11, 2007 |
Case |
Court |
Holding |
Nat'l Energy & Gas Transmission, Inc. v. Liberty Elec. Power, LLC
(DBN Subscription Required) |
4th Cir. |
In a suit involving the payment of a termination fee for an electricity tolling agreement on behalf of a bankrupt party to the agreement, judgment for defendant-creditor is reversed where a creditor may not allocate a payment made by a non-debtor guarantor first to interest then to principal, thus preserving the unpaid principal for collection in bankruptcy, since the allocation of a payment in this manner would permit the creditor to collect an amount otherwise disallowed as post-petition interest. |
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July 10, 2007 |
Case |
Court |
Holding |
In re Applied Theory Corp.
(DBN Subscription Required) |
2nd Cir. |
Order affirming order of the bankruptcy court denying appellant committee of unsecured creditors authorization to assert a claim of equitable subordination under Section 510(c) of the Bankruptcy Code is affirmed over claim that appellant is not obligated to seek the court's approval to bring its equitable subordination claim because In re STN Enters., 779 F.2d 901 (2d Cir. 1985), does not apply. |
Eastman v. Russell
(DBN Subscription Required) |
10th Cir. |
In a case involving a bankruptcy debtor who had been injured in an auto accident while in the employ of defendant-railroad, summary judgment against plaintiff-debtor is affirmed where the district court properly exercised its discretion in holding plaintiff was judicially estopped from pursuing his personal injury claims because he failed to disclose his pending claims to the bankruptcy court in the context of his chapter 7 bankruptcy. |
Advanced Telecomm. Network, Inc. v. Allen
(DBN Subscription Required) |
11th Cir. |
In case involving a chapter 11 debtor seeking to recover certain transfers made before the company declared bankruptcy, order affirming bankruptcy court judgment in favor of defendants is reversed as: 1) plaintiff's fraudulent transfer claims were not barred by the statute of limitations; and 2) bankruptcy court's alternative holding on the merits is rejected where the court erred in its calculation of plaintiff's solvency and the "value" plaintiff received in return for the disputed transfer. |
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July 9, 2007 |
Case |
Court |
Holding |
In re JZ, L.L.C.
(DBN Subscription Required) |
9th Cir. BAP |
For executory contracts that are neither assumed nor rejected in a Chapter 11 case with a confirmed plan, the “ride through” doctrine developed under the
Bankruptcy Act retains vitality in chapter 11 cases when
the debtor continues operating and does not change form. |
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