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New Cases For the Week of December 28, 2009 - January 1, 2010
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Click here to search prior New Opinion summaries.
| December 29, 2009 |
Case |
Court |
Holding |
In re Baker
(DBN) |
11th Cir. |
In the debtor's appeal from the bankruptcy court's order that her Keogh plan was the property of her bankruptcy estate, the order is reversed where the debtor's Keogh plan did not have to be maintained under ERISA for the debtor to claim an exemption under Fla. Stat. section 222.21(2)(a)(1). |
Kirschner v. KPMG LLP
(DBN) |
2nd Cir. |
In an action brought by the trustee of a litigation trust, resulting from a bankruptcy proceeding, in which the trustee alleged misconduct by corporate insiders and advisers, the Court of Appeals certifies the following questions to the Court of Appeals of New York: 1) the over-arching question whether the allegations of the complaint in this case satisfied the "adverse interest" exception to the Wagoner rule of imputing insiders' misconduct to their corporation, and the following subsidiary questions subsumed within that ultimate question: 2) whether the adverse interest exception was satisfied by showing that the insiders intended to benefit themselves by their misconduct; 3) whether the exception was available only where the insiders' misconduct harmed the corporation; 4) if harm was required, whether the analysis of such harm could include any detriment to a corporation resulting from the eventual unmasking of the misconduct; 5) if harm was required, whether such harm could be determined by considering a corporation and its related corporations as a single enterprise; 6) if harm was required and was to be determined with respect to separate though related corporations, whether the complaint adequately alleged such harm; 7) whether the exception was precluded where the misconduct conferred some benefit upon the corporation; and 8) if the adverse interest exception were otherwise available, would it be precluded by the "sole actor" rule? |
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| December 28, 2009 |
Case |
Court |
Holding |
In re Plassein Int'l Corp.
(DBN) |
3rd Cir. |
In an adversary proceeding brought by the trustee of a corporation and the subsidiaries it had acquired in related leveraged buy-outs, seeking to recover payments the shareholders of the acquired corporations had received for their shares on the grounds that the payments to them had been fraudulent transfers avoidable under Delaware law and the Bankruptcy Code, grant of shareholders' motion to dismiss is affirmed as, in accordance with prior case law, the payments were exempt settlement payments under section 546(e). |
In re 15375 Memorial Corp.
(DBN) |
3rd Cir. |
In Chapter 11 proceedings filed by two companies involved in oil and gas explorations, district court's order dismissing the bankruptcy petitions for lack of good faith is affirmed as there is ample evidence supporting the finding of the court that the debtors' bankruptcy petitions served no valid bankruptcy purpose and were used primarily as a litigation tactic to protect debtors and their parent companies from liability in pending litigation. |
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