Bankruptcy Tweets for April 2011 - Part II

More reported bankruptcy decisions now than any time ever.  30-70 decisions a day being reported compared to 10-25 in past years, with probably double or triple the number of commercial decisions coming down than before. 

Below are my twitter posts of recent cases (and a few other off-base topics) that I think you'll find of interest, and possibly even helpful to one of your current cases. 

These are my latest posts since my last post on April 11RSS Feeds are also available:

  • Excellent post on Weil Bankruptcy Blog by Chris Linden on the enforceability (and unenforceability) of "bad boy" guaranties.
  • SDNY affirms restrictive view of "customer" as defined in the SIPA & denies claim based on unauthorized stock purchase.
  • 1st BAP:§1322(b)(2) not altered by BAPCPA's "dbtr's prin. res." or "incid. prop." defs. nor bar to bifurc. of sec. claim.
  • BK-TX: Sanctions imposed for suit brought post-ch 11 confirmation but Ct only allows 13% of fees under lodestar/Johnston.
  • SDNY certifies WARN act class of 200 employees fired from Steve & Barry's 24 hrs before filing ch 11.
  • BK SDNY: Senior exec. benefit plans to which a general reservation of rights didn't apply require compliance w/§1114.
  • BK SD IL: Ch 13 untimely claim denied even if cr. lacked notice of bk filing in sufficient time to file a timely claim.
  • BK-OR reviews cases where state law tort/damage claims are preempted by BK Code (wrongful invol. pet, failed to redact).
  • BK-Conn: Claims ag. Bear Stearns for defrauding debtor w/mgmt belong to creditors-not liq. trustee-under Waggoner rule.
  • BK-ED La.: Judicial lien recorded in preference pd. avoidable but $100K appeal bond deposited with Court registry isn't.
  • BK NM: Avg. payment time & range of pmt. days in year before filing compared to pref pd puts pmts. in ord. course of bus.
  • BK SD OH: If co-signor's name doesnt appear in body of mortgage, mortgage isn't enforceable ag. her interest in property.
  • BK ND Tx: Perella not entitled to full success/transaction fee in TX Rangers BK bec it wasnt principal architect of sale.
  • BK SD FL: Rule 9011 safe harbor period is mandatory & failure to comply (even by a few hrs) is fatal to sanctions motion.
  • BK SDNY: Absolute assignment of rents in loan docs prohibited, but lender's affirmative steps can make assignment work.
  • BK SD FL: "Funds locators," as assignee of ch 11 liq debtors, denied right to unclaimed distribs that revested w/debtors.
  • BK ND IL: Dentists ch 11's filed improperly to delay collection on jdgmt; filing attys barely escape Rule 9011 sanctions.
  • SDNY: Adelphia Recov. Trust lacks standing to assert sub's fraudulent tsf claims bec plan paid subs' creditors in full.
  • BK-AL reviews split re whether "well-pleaded complaint" rule applies in "related to" cases or only "arising under" ones.
  • SDNY wont certify for appeal BK decision-applying Chateaugay-that env. cleanup oblig. wasn't a dischargeable "claim".
  • BK-MD: Stay relief motion insuffic. to informally extend time for filing nondischarg. complaint; no eq. tolling.
  • CD Cal denies as moot appeal approving buyback of ins. policies under 363, saying PW, LLC case is supportive, but wrong.
  • BK-AZ: Analyzes Till, new value exception, sep. classif. of deficiency, & ext. term in permitting cram down of sec. cr.
  • BK-SDNY: Judge Gerber tackles a party's rights to lost profits and lost royalties under NY law for breaches of contract.
  • DCT-AZ: Subrogation rts. enforceable in bk re right to vote on a plan. Right of cr. to vote under subord. agr. compared.
  • BK-SD-CA joins other courts & rejects idea that a recorded mortgage assignment is unnecessary via the MERS alternative.

Thanks for following!

© Steve Jakubowski 2011