243 results for 'cat:"Bankruptcy"'.
J. Jackson-Akiwumi finds that the bankruptcy court properly disallowed the creditor's claim in its entirety because the matter of the loan's repayment was already decided by a consent agreement. Affirmed.
Court: 7th Circuit, Judge: Jackson-Akiwumi, Filed On: November 27, 2023, Case #: 22-1424, Categories: bankruptcy
[Consolidated.] J. Chin finds that the district court properly dismissed certain fraudulent conveyance and fiduciary claims stemming from the leveraged buyout of an apparel and footwear company and its successor's subsequent filing for bankruptcy protection. Safe harbor rules applied due to the financial institution's involvement in making payouts to pre-merger public shareholders, thereby limiting the Chapter 11 trustee's ability to claw back the money. However, payments made to former directors, officers, and employees through payroll means should have been shielded from recoupment as well.
Court: 2nd Circuit, Judge: Chin, Filed On: November 27, 2023, Case #: 20-3257-cv (L), Categories: bankruptcy, Fiduciary Duty
J. Bulla finds the district court improperly found for an attorney in this bankruptcy and property dispute. The bankruptcy court placed a lien on property purchased with funds misappropriated from the family trust. Though the attorney is entitled to enforce any remainder of the lien, he is not entitled to a constructive trust, title to the property, or recovery for fraudulent transfer or conversion. The district court failed to recognize the preclusive effect of prior orders, and factual disputes remain. Reversed.
Court: Nevada Court of Appeals, Judge: Bulla , Filed On: November 22, 2023, Case #: 84908-COA, Categories: bankruptcy, Fraud, Property
Per curiam, the circuit finds that an appeal should be dismissed as brought from an order vacating and remanding default judgment entered against a creditor in bankruptcy court. The litigation administrator of the debtors' post-confirmation estates challenged the order, which reopened an adversary proceeding over collection efforts on behalf of the creditor, but default judgment did not constitute an appealable final order.
Court: 2nd Circuit, Judge: Per curiam, Filed On: November 22, 2023, Case #: 23-60-bk, Categories: bankruptcy, Civil Procedure, Jurisdiction
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J. Simon denies the majority shareholders' motion to dismiss the minority shareholder's complaint that the majority shareholders breached their fiduciary duties to him as a minority shareholder of PPV Inc. The majority shareholders claim that the minority shareholder could have brought up his fiduciary duty claim during a prior bankruptcy proceeding, but the bankruptcy court already concluded that it did not have jurisdiction over that claim, and the majority shareholders do not have an argument for why the bankruptcy court would have jurisdiction.
Court: USDC Oregon, Judge: Simon, Filed On: November 21, 2023, Case #: 3:23cv526, NOS: Stockholders’ Suits - Contract, Categories: bankruptcy, Fiduciary Duty, Jurisdiction
J. Mosman denies the owner of two properties' motion leave to appeal the interlocutory order regarding his complaint that he has a business justification to reject his contract with the real estate agent and others, and that the bankruptcy court erred when it prevented the owner from presenting evidence of a business justification that he did not provide at the initial confirmation hearing. The owner does not sufficiently argue that there is any case law indicating that courts regard the rejection of executory contracts differently under Chapter 11 or Chapter 13 bankruptcy plans, and there is "no substantial ground for difference of opinion" of this appeal because it is not novel or difficult to understand from when it appeared in the bankruptcy court.
Court: USDC Oregon, Judge: Mosman, Filed On: November 9, 2023, Case #: 3:23cv1063, NOS: Bankruptcy Appeal 28 USC 158 - Bankruptcy, Categories: bankruptcy, Evidence
J. Africk grants summary judgment to the FDIC, the government-appointed receiver of a failed New Orleans bank, finding a group of insurance policies cover the FDIC’s timely claims against the bank’s CEO for breach of fiduciary duty and gross negligence in approving loans at the director level.
Court: USDC Eastern District of Louisiana , Judge: Africk, Filed On: November 8, 2023, Case #: 2:22cv9, NOS: Insurance - Contract, Categories: bankruptcy, Insurance, Banking / Lending
J. Elliott grants summary judgment in favor of a lawyer who was sued by a prior client for failing to let the client know about an extension the IRS granted him. The prior client’s claims are barred by the statute of limitations, because even though he had not been aware of the extension, he was able to have become aware of it.
Court: USDC New Hampshire, Judge: Elliott, Filed On: November 6, 2023, Case #: 1:22cv3, NOS: Other Statutory Actions - Other Suits, Categories: bankruptcy, Tax, Legal Malpractice
J. Maze finds that the district court properly granted judgment for the debtor on most of the creditor's claims seeking to exempt debts owed by the debtor from being discharged in a Chapter 7 bankruptcy action. The district court correctly found that the debtor did not conceal property by splitting it into two parcels. The creditor failed to show the debtor knowingly withheld information about the property, made a false oath or tried to prevent the property from being discovered. However, the creditor pleaded a valid discharge exception for a $4 million transfer from the debtor's investment company to another account. The creditor pleaded facts which could show that the debtor obtained the investment company's money by actual fraud. Reversed in part.
Court: 11th Circuit, Judge: Maze, Filed On: November 2, 2023, Case #: 22-11118, Categories: bankruptcy
J. Nachmanoff grants summary judgment to the bankruptcy lawyer. The transfer of his home from his property to his and his wife was not disclosed as it should have been in response to a question in the businessman's signed statement of financial affairs, making the property a nonexempt asset. The businessman failed to show that any conduct by his attorney proximately caused either the U.S. Trustee to file its adversary proceeding seeking to deny discharge or that he would have prevailed at the trial.
Court: USDC Eastern District of Virginia, Judge: Nachmanoff, Filed On: November 1, 2023, Case #: 1:22cv751, NOS: Other Contract - Contract, Categories: bankruptcy, Legal Malpractice, Contract
Per curiam, the Fifth Circuit finds the bankruptcy court improperly approved the debtor’s partial assignment of an executory contract. The gym filed for bankruptcy during the pendency of litigation involving a customer who was injured while using the gym’s equipment, and the ensuing litigation and bankruptcy became much more complex after a settlement was reached. The settlement violated code governing the treatment of executory contracts in bankruptcy. Reversed and remanded.
Court: 5th Circuit, Judge: Per curiam, Filed On: October 27, 2023, Case #: 22-30757, Categories: bankruptcy, Settlements, Tort
J. Bevan upholds the trial court determination that Idaho law established the limitations period on a commercial landlord's breach of contract cause of action on claims against its tenant that it bought from a third-party creditor, and that the period was stayed by a bankruptcy proceeding. But the trial court should have held that the bankruptcy stay also applied to the landlord's claims against the tenant related to the lease and tenancy. Vacated in part.
Court: Idaho Supreme Court, Judge: Bevan, Filed On: October 26, 2023, Case #: 49633, Categories: bankruptcy, Civil Procedure, Contract
J. Dato finds that the trial court mistakenly held that a bankruptcy trustee's abandonment of a property after a visitor was injured there protected her from liability for the visitor's injuries. The abandonment retroactively reverted title and possession to the debtors but it did not operate retroactively for the purpose of establishing liability. And the Barton rule does operate to deprive the trial court of jurisdiction. Reversed.
Court: California Courts Of Appeal, Judge: Dato, Filed On: October 19, 2023, Case #: D080534, Categories: bankruptcy, Civil Procedure, Negligence
J. Connolly properly denied the borrower's motion to dismiss the bank's claims stemming from his transfer of property years before filing for bankruptcy. The bankruptcy stay does not prohibit the bank from commencing this foreclosure action against the entity to which the borrower deeded the subject property. Affirmed.
Court: New York Appellate Divisions, Judge: Connolly, Filed On: October 18, 2023, Case #: 05242, Categories: bankruptcy, Foreclosure
J. Bushong finds the Appeals Court erred by affirming the trial court’s denial of an individual's motion to substitute the bankruptcy trustee as the plaintiff and dismissed the case based on its conclusion that the individual's attempt to pursue this action in her own name was not an “honest and understandable mistake.” Reversed.
Court: Oregon Supreme Court, Judge: Bushing, Filed On: October 12, 2023, Case #: S069895, Categories: bankruptcy
J. Higginson finds the bankruptcy court properly denied the law firm’s motion to dismiss the adversary proceeding seeking to recover a transfer of the $1 million insurance policy proceeds already received by the firm and its client. The family of one of two individuals killed in a collision with a tractor owned by the debtor filed suit against the debtor, with the other family making a successful Stowers demand, through the law firm, for the $1 million limit of the policy. The debtor’s equitable interest in the insurance proceeds, allowed in “limited circumstances” such that the proceeds can be classified as property, are unaffected by the pre-petition transfer. A transfer of the debtor’s property has been properly alleged. Affirmed.
Court: 5th Circuit, Judge: Higginson, Filed On: October 6, 2023, Case #: 23-40125, Categories: bankruptcy, Insurance, Property
[Consolidated.] J. Cote affirms the bankruptcy court's decision dismissing two claimant's objections to the bankruptcy plan. The claimants were permitted to plead successor liability in their responses, so arguments about the format of the Sexual Abuse Claim Form fail. The court reasonably found that claimants would not be able to cure deficiencies in their claims if given the opportunity to amend.
Court: USDC Southern District of New York, Judge: Cote, Filed On: October 6, 2023, Case #: 1:23cv6281, NOS: Bankruptcy Appeal 28 USC 158 - Bankruptcy, Categories: bankruptcy
J. Staton affirms the bankruptcy court's order dismissing a father's appeal regarding "a promissory note secured by a junior deed of trust on real property...that was part of Debtor’s bankruptcy estate." The senior lienholder foreclosed on the property for lack of payment, which extinguished the junior lien. The foreclosure sale was valid, and the father knew the property was part of a Chapter 7 bankruptcy estate when he purchased it. The bankruptcy court did not err in concluding that the father failed to state a claim for wrongful foreclosure.
Court: USDC Central District of California, Judge: Staton, Filed On: September 29, 2023, Case #: 2:22cv6447, NOS: Bankruptcy Appeal 28 USC 158 - Bankruptcy, Categories: bankruptcy
J. Lohier finds the district court properly dismissed an appeal from bankruptcy court decision declining to transfer real property since the county did not timely object to the designation of an annuity as exempt. The county took title prior to sale and thus neither bidding rules nor procedures could have inured to the benefit of the debtor other than the county.
Court: New York Court Of Appeals, Judge: Lohier, Filed On: September 29, 2023, Case #: 21-2917, Categories: bankruptcy, Property
[Consolidated.] J. Otake refuses to dismiss the bankruptcy court’s orders that an asset on Hawaiian home lands of a now-bankrupt telecommunications company was properly sold to defendant telecommunications company. The sale order establishes that asset was properly acquired by the trustee of the bankrupt bankrupt telecommunications company and sold to defendant telecommunications company. The contesting companies did not show the trustee failed to levy the asset on real property interests, as the asset was classified a personal property. An earlier agreement between the bankrupt company and the contesting companies on the asset does not contradict the sale order.
Court: USDC Hawaii, Judge: Otake, Filed On: September 29, 2023, Case #: 1:22cv441, NOS: Bankruptcy Appeal 28 USC 158 - Bankruptcy, Categories: bankruptcy, Communications