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New Cases For the Week of June 14, 2010 - June 18, 2010
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Click here to search prior New Opinion summaries.
| June 17, 2010 |
Case |
Court |
Holding |
Schwab v. Reilly
(DBN) |
S. Ct. |
Where a debtor gives“the value of claimed exemptions” on Schedule C dollar amounts within the range the Code allows for what it defines as the “property claimed as exempt,” the Ch. 7 trustee was not required to object to the exemptions in order to preserve the estate’s right to retain any value in the equipment beyond the value of the exempt interest. The trustee was entitled to sell the property that was subject to the exemption claim and distribute to the debtor the amounts claimed as exempt, retaining for the estate any excess. |
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| June 16, 2010 |
Case |
Court |
Holding |
In re Nosek
(DBN) |
1st Cir. |
In a creditor's appeal from a $250,000 sanction issued sua sponte by the bankruptcy court, the sanction is reduced to $5,000 where: 1) nothing indicated that creditor's claim that it was the holder of the mortgage at issue was a deliberate falsehood or intended in any way to mislead the court or debtor or achieve anything for creditor; and 2) the bankruptcy court did not identify any actual prejudice from the inaccurate claim of holder status. |
SEC v. Byers
(DBN) |
2nd Cir. |
In nonparties' appeal from the district court's order holding that its jurisdiction in rem and its equitable powers provided it with sufficient authority to issue an injunction barring non-parties from filing involuntary bankruptcy petitions against any of the defendants, the order is affirmed where, while it should be sparsely exercised, district courts possess the authority and discretion to enter anti-litigation orders, including those that bar the filing of involuntary bankruptcy petitions absent the district court's permission. |
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