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Bankruptcy – Chapter 11 Plan – Modification Motion – BAPCA – Standard – First Impression — Unanticipated Change (access required)

In re Mercer Although case law analyzing 11 U.S.C. § 1127(e) and the subsection’s legislative history are sparse, since the language of § 1127(e) is virtually identical to the language of 11 U.S.C. §§ 1229(a) and 1329(a), the case law interpreting post-confirmation plan modifications by unsecured creditors or the trustee under §§ 1229(a) and 1329(a) are applicable. The court denies the unsecured creditor’s motion to modify the debtor’s plan.

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Bankruptcy – Conversion – Gross Mismanagement – Failure to Insure – Beach Condos (access required)

In re Croc, LLC Given (1) the inappropriate fluidity between the debtor and Bodie Island LLC, another entity held by the debtor’s principal; (2) the debtor’s long-term tenants’ practice of paying their varying monthly rents in cash; (3) the debtor’s apparent payment of utility bills that were not its own debts to pay; (4) the debtor’s post-petition payment for pre-petition debt and/or services; and (5) the unexplained differences between the debtor’s current income/expenses and the income/expenses set out in its bankruptcy plan, the court finds overwhelming and compelling evidence that the business of the debtor is grossly mismanaged.

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Bankruptcy – Conversion – Gross Mismanagement – Failure to Insure – Beach Condos (access required)

In re Croc, LLC Given (1) the inappropriate fluidity between the debtor and Bodie Island LLC, another entity held by the debtor’s principal; (2) the debtor’s long-term tenants’ practice of paying their varying monthly rents in cash; (3) the debtor’s apparent payment of utility bills that were not its own debts to pay; (4) the debtor’s post-petition payment for pre-petition debt and/or services;

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Bankruptcy – Court Rules on German Debtor’s Patent Licenses (access required)

Jaffe v. Samsung Electronics Co. Ltd. : In recognizing a German insolvency proceeding for a German semiconductor manufacturer as a “foreign main proceeding,” the bankruptcy court did not abuse its discretion in limiting the German insolvency administrator’s ability to unilaterally reject licenses to the 4,000 U.S. patents owned by the German corporation, and the 4th Circuit affirms the bankruptcy court order.

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Bankruptcy – No Lien Strip-Off for ‘Entirety’ Property (access required)

Alvarez v. HSBC Bank USA NA A bankruptcy court may refuse to “strip off” a “valueless lien” against real estate that debtor owned with his non-debtor spouse as tenants by the entireties; the 4th Circuit says the bankruptcy court correctly held it did not have the authority to strip off the lien because the complete entireties estate was not before the bankruptcy court.

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