New Cases For the Week of January 24, 2011 - January 28, 2011

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

Click here to search prior New Opinion summaries.

 

January 26, 2011

Case

Court

Holding

In re IH 1, Inc.
(DBN)
Bankr. DE A law firm's work for a debtor in connection with a pre-petition dividend was substantially related to the claims in an avoidance action for the purpose of assessing whether the law firm was disqualified from representing various defendants in the avoidance action. However, a paragraph in the pre-petition engagement agreement, which stated that the debtor acknowledged that the law firm had represented, and would continue to represent, an investor in the debtor, and that any conflicts arising from such were waived, was an effective waiver of the conflict in avoidance actions as to the investor and its affiliates. The waiver was ineffective however, as the the individual defendants in the avoidance action who were officers and directors of the investor and the debtor. Nor was the waiver effective as to two corporate defendants in the avoidance action who were not affiliates of the investor.
January 24, 2011

Case

Court

Holding

In re Camp
(DBN)
5th Cir. Although Florida has opted out of the federal exemptions, it has done so only with respect to Florida residents. A former Florida resident is not precluded from using federal exemptions, even if he has not lived in his current State long enough to claim exemptions there.
In re Berman
(DBN)
7th Cir. The fiduciary duty that is imposed on a corporate director when the corporation is insolvent is not the type of fiduciary duty that gives rise to nondischargeability for "breach of fiduciary duty" under 11 USC 523(a)(4).
     

 

 
Copyright © 2011  [BKINFORMATION.COM]. All rights reserved.