Gold v. First Tennessee Bank NA (In re Taneja) (Lawyers Weekly No. 14-01-0179, 37 pp.) (Keenan, J.) No. 13-1058, Feb. 21, 2014; USDC at Alexandria, Va. (Trenga, J.) 4th Cir. Holding: Testimony from two executives of a bank that acted ...Read More »
Bankruptcy – Liability Estimate – Asbestos Gaskets – Litigation & Settlement History – Actual Liability
In re Garlock Sealing Technologies, LLC (Lawyers Weekly No. 14-05-0103, 65 pp.) (George R. Hodges, J.) 10-31607; W.B.N.C. Holding: Before its insurance ran out, a manufacturer of asbestos gaskets, settled many asbestos-related cases based in part on the cost of ...
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Bankruptcy – Chapter 11 Plan – Modification Motion – BAPCA – Standard – First Impression — Unanticipated Change
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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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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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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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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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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Carroll v. Logan A bankruptcy court did not err in applying 11 U.S.C. § 1306(a) to extend the 180-day deadline and include in debtors’ Chapter 13 bankruptcy an inheritance that postdated the petition by more than 180 days; the 4th Circuit says the plain language of § 1306(a) blocks debtors from depriving their creditors of a part of their windfall acquired before their Chapter 13 case was closed, dismissed or converted.
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Thompson v. West The appellants argue that the guardian of their sister’s estate, who is not related to their sister, lacked the authority to file a bankruptcy petition on their sister’s behalf; however, the appellants’ status as siblings does not give them standing to intervene in their sister’s bankruptcy case.
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