Bankruptcy Tweets for May 2011 - Part I

Below are my twitter posts since my last post of May 1 of recent cases that I think you'll find of interest.  RSS Feeds are also available:

  • BK-MD: SCOTUS Reminder--§506(c) doesn't give administrative claimant an independent right to seek payment of its claim.
  • BK-VA: Notice of transferor's fraudulent intent nec. element to fraudulent tsf claim ag. purchaser for valuable consid.
  • BK-DE:Landlord's rt of 1st refusal in sale of liquor license not severable from lease, but LL has no rt to specific perf.
  • BK-DE: No admin. rent for landlord who changed the locks after BK filing & took possession & control over premises.
  • BK-NM: Lang. & structure of §§362 & 549 support view that §549(c) doesnt create an exception to automatic stay.
  • BK-TN: Counsel employed to defend the trustee individually may be paid from the estate like any other case professional.
  • BK-SDNY: Judge Drain explains at length why §546(e)'s safe harbor does not extend to the avoidance of an obligation.
  • SDNY: BK ref. w/d re 1) does Madoff Trustee have standing to pursue common law claims; 2) does SLUSA preempts his claims.
  • BK-CA reviews law re when debtor's activities apart from sale/use of real prop. takes Debtor outside Code's SARE rules.
  • 11th:Only "most compelling circumstances justify" post-confirm.amendment to proof of claim; plan has res judicata effect.
  • BK-SC reviews whether D&O ins. proceeds are estate property & allows payment of defense costs, on notice to the trustee.
  • DNJ affirms competing plan's assumption of exec contracts: assumption right under §1123(b)(2) not limited to trustee/DIP.
  • 5th circuit reverses assumption of incurably defaulted executory contract that couldn't close by original closing date.
  • BK-KS examines scope & boundaries of the implied covenant of good faith & fair dealing in a busted construction contract.
  • BK-OH: Few cases dealing w/ stay pending appeal of kB dismissal are distinguishable bec debtor can now pay its creditors.
  • BK-SDNY:Trustee lacks standing as "de facto" mgr to sue "de facto" mgr under fiction designed to protect 3d parties only.
  • BK-DE reviews circuit split re whether transfer that extends beyond § 547(e)'s 10 days is substantially contemporaneous.
  • BK-DE: Repayment of loan & release of guarantee isnt preferential to guarantor who had no liability at time of repayment.
  • D-NV: former managers can't appeal grant of relief in involuntary case over objection of appointed ch 11 trustee.
  • 3d skirts deciding if BK & state law rendered anti-assignment provisions of insurer's policies to Silica Trust a nullity.
  • 3d Cir: Objector to Silica Trust satisfied "Party in Interest" reqt; "insurance neutrality" of Comb. Eng. distinguished.
  • 3d Dissent: Party in Interest standing obtained by alleging fear of less projected profit from future business dealings.
  • D-NV: Notice of appeal doesn't divest the Bankruptcy Court of jurisdiction to enter an order appointing a ch. 11 trustee.
  • BK-MA reviews circuit split re whether a secured creditor is entitled to the credit agreement's default rate of interest.
  • 2d Cir: K&L interest in settlement agr.too remote to be considered party in interest in BK hearing to approve agreement.

Thanks for following!

© Steve Jakubowski 2011