New Cases For the Week of May 23, 2011 - May 27, 2011

 

May 26, 2011
In re: WL Homes
(DBN)
Bankr. DE The fact that an agent may represent more than one principal does not alter the well-established doctrine that an agent with authority is capable of binding its principal. Hence, a security interest in a wholly-owned subsidiary's asset granted by the parent's agent to a third party is enforceable if it otherwise satisfies the requirements set forth in Article 9.
     
May 25, 2011
Symbionics Inc. v. Ortlieb
(DBN)
4th Cir. Excusable neglect is not easily demonstrated, nor was it intended to be. Particularly in instances of mere inadvertence, mistake, or carelessness, excusable neglect should be found only in extraordinary cases. The district court erred in finding excusable neglect for a notice of appeal filed two days late due to counsel's lack of understanding of a Microsoft software calendar. "Counsel's total dependence on a computer application—the operation of which counsel did not completely comprehend—to determine the filing deadline for a notice of appeal is neither "extraneous" to nor "independent" of counsel's negligence."
     
May 24, 2011
In re: Fairfield Sentry, Ltd.
(DBN)
Bankr. SD NY The plain language of section 103(a) of the Code instructs that the tolling provisions of Section 108 are automatically available to foreign representatives in chapter 15 cases.
In re: Dreier, LLP
(DBN)
Bankr. SD NY Where an attorney, with apparent authority, signs a settlement agreement and absconds with the settlement proceeds, the party who hired the attorney bears the risk of loss.
     
May 23, 2011
In re: Prosperity Park, LLC
(DBN)
Bankr. WD NC The burden of proving "indubitable equivalence" is not "preponderance of the evidence" and is even more demanding than "beyond a reasonable doubt." The plan proponent must establish "the indubitable equivalent of a cash payment." This is akin to a "clear and convincing" standard.
Myers v. Toojay's Management Corporation
(DBN)
11th Cir. Elementary principles of statutory construction and common sense compel the court to conclude that a private employer is not precluded from denying employment to an individual who is, or has been, in bankruptcy.
In re: Point Blank Solutions, Inc.
(DBN)
Bankr. DE Where a debtor funded a settlement payment pre-petition into escrow (pending finality of certain litigation), and then filed bankruptcy and rejected the settlement agreement, the dispute about what should happen to the escrowed settlement funds was a "core proceeding," since it involved interpretation of the effect of the bankruptcy court's rejection order.
In re: Smith
(DBN)
2nd Cir. "A remarkable chutzpah"
     
 
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