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New Cases For the Week of August 6, 2007 - August 10, 2007
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August 10, 2007 |
Case |
Court |
Holding |
In re Bayou Group, LLC
(DBN Subscription Required) |
Bankr. S.D. N.Y. |
Defendants/investors in an avoidance action seeking recovery of fraudulent transfers arising from an alleged Ponzi hedge fund were not entitled to summary judgment on their argument that there were no creditors in the bankruptcy estate (i.e., the non-redeeming investors were equity holders). The non--redeeming investors were creditors because: (i) they had a contractual right to redeem, unlike traditional equity holders, and (ii) if the Ponzi allegations were correct, all investors held tort claims. |
Milligan v. Trautman
(DBN Subscription Required) |
5th Cir. |
The cash from a surrendered whole-life insurance policy is not exempt from a bankruptcy estate under Texas law |
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August 6, 2007 |
Case |
Court |
Holding |
In re Chappell
(DBN Subscription Required) |
9th Cir. BAP |
The rule that that the bankruptcy estate is entitled to
postpetition appreciation in excess of the maximum value
permitted to be exempted under the statutory authority invoked by
the debtor, applies with equal force to exemptions taken under
the federal exemption scheme. |
In re Beverly
(DBN Subscription Required) |
9th Cir. BAP |
Toleration
of bankruptcy planning for some purposes insulates such planning
from all adverse consequences — it does not. In matters of
bankruptcy and insolvency planning, supposed safe harbors from
one danger are exposed to dangers from other quarters and may, in
any event, be too small to shelter large capital transactions. |
In re Lorber Industries of California
(DBN Subscription Required) |
9th Cir. BAP |
Where a self-insured debtor in possession defaulted on its workers compensation obligations, causing a State fund to become liable for such obligations, the fund's claim for reimbursement was an excise tax, but was not entitled to priority under section 507(a)(8)(E) because priority excise taxes must arise pre-petition, within three years of the petition date. |
In re Meyer
(DBN Subscription Required) |
9th Cir. BAP |
In the case of co-owned property, consensual liens against the entire
fee must be netted out before computing the value of a debtor’s
fractional interest for purposes of avoiding judgment liens (under section 522(f)) on
which the co-owner is not liable |
In re APW Enclosure Systems, Inc.
(DBN Subscription Required) |
Bankr. DE |
Where counsel: (i) failed to establish that the legal services had a reasonable likelihood of benefiting the estate at the time the services were rendered and (ii) failed to meet the most basic
standards of representation in a bankruptcy case by being unprepared and indifferent, its fees were disallowed in the amount of $51,217.50. |
In re Connors
(DBN Subscription Required) |
3rd Cir. |
Breaking virtual tie between the New Jersey federal courts, the Court of Appeals holds in this bankruptcy appeal that under 11 U.S.C. section 1322(c)(1), a Chapter 13 debtor does not have the right to cure a default on a mortgage secured by the debtor's principal residence between the time the residence is sold at a foreclosure sale and the time the deed is delivered. |
In re Perlin
(DBN Subscription Required) |
3rd Cir. |
Denial of appellant's motion to dismiss the voluntary joint bankruptcy petition filed by Chapter 7 debtors under 11 U.S.C. section 707(a), on the ground that the debtors had filed the petition in bad faith, is affirmed where the facts and circumstances of this case do not support a finding of bad faith. |
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