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New Cases For the Week of June 22, 2009 - June 26, 2009
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Click here to search prior New Opinion summaries.
| June 26, 2009 |
Case |
Court |
Holding |
Batlan v. Bledsoe
(DBN Subscription Required) |
9th Cir. |
A regularly conducted, contested divorce proceeding conclusively establishes "reasonably equivalent value." |
In re Loco Realty Corp.
(DBN Subscription Required) |
Bankr. SDNY |
Where a debtor executed a prepetition absolute assignment of rents to its mortgage lender prepetition, a plan of reorganization funded by those rents is not feasible. The debtor's only interest in the rents was in the nature of an accounting, and the rents are not property of the estate except to the extent that they exceed the mortgage debt. |
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| June 25, 2009 |
Case |
Court |
Holding |
In re Metaldyne Corp.
(DBN Subscription Required) |
Bankr. DE |
A DIP facility in a liquidating Ch. 11 case will not be rejected on the grounds that it contains inadequate funding to pay all 503(b)(9) claims where the evidence indicates that there are some additional sources of revenue to pay such claims.
Although the Court disfavors waivers of 506(c) surcharge claims in connection with DIP lending, the waiver is approved where it covers only "soft collateral" with low costs of preservation and disposition.
Committee counsel opposing a DIP facility is faulted by the Court for the low level of his concern over the effect of denial of the DIP facility on the Debtor's employees and the industry in which the Debtor operates. |
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| June 24, 2009 |
Case |
Court |
Holding |
In re SNTL Corp.
(DBN Subscription Required) |
9th Cir. |
The return of a preferential payment by a creditor generally revives the liability of a released guarantor.
Where the preference had not been returned on the petition date, 11 USC 502 does not cause the disallowance of the released claim against the guarantor since the holder of the claim has a contingent allowable claim.
The mere fact that a creditor is an unsecured creditor does not prevent the creditor from including in its unsecured claim attorneys fees incurred post-petition. |
Paup v. Gear Products
(DBN Subscription Required) |
10th Cir. |
Where a debtor fails to disclose a cause of action asset during a bankruptcy, the debtor, and the debtor's bankruptcy trustee, are judicially estopped from pursuing such cause of action after the discharge is entered. |
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| June 23, 2009 |
Case |
Court |
Holding |
In re SemCrude, L.P.
(DBN Subscription Required) |
Bankr. DE |
A security interest perfected only in Kansas by virtue of the automatic perfection in K.S.A. § 84-9-339(a) is subordinate to a security interest that was duly perfected against the Debtors in this case in accordance with Article 9's rules regarding perfection. |
In re SemCrude, L.P.
(DBN Subscription Required) |
Bankr. DE |
A security interest perfected only in
Texas by virtue of the automatic perfection in Texas § 9.343 is
subordinate to a security interest that was duly perfected
against the Debtors in this case in accordance with Article 9’s
rules regarding perfection. |
In re SemCrude, L.P.
(DBN Subscription Required) |
Bankr. DE |
The Oklahoma Production Revenue Standards Act does not impose a resulting, implied
or constructive trust in favor of Oklahoma producers. Accordingly, banks holding duly and properly perfected Article 9 security interests are entitled to summary judgment as against the producers. |
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