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Spradlin v. Whitt (In re Licking River Mining, LLC)

(Bankr. E.D. Ky. June 29, 2017)

The bankruptcy court grants the defendants’ motion to dismiss in this adversary proceeding. The trustee sought to subordinate and recharacterize defendants’ claims under 11 U.S.C. § 510, avoid as fraudulent and preferential transfers certain transfers to the defendants, and disallow defendants’ claims. The court finds that the trustee fails to allege facts sufficient to support any of the claims. Opinion below.

Judge: Wise

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Walro v. Hatfield (In re Lee)

(S.D. Ind. June 27, 2017)

USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Renner v. U.S. Bank National Association (In re Renner)

(Bankr. S.D. Ind. June 26, 2017)

The bankruptcy court dismisses without prejudice the debtor’s complaint against a foreclosing creditor because the court concludes it lacks subject matter jurisdiction. The debtor filed the complaint alleging numerous causes of action, including violations of the automatic stay. However, the alleged acts occurred at a time when the subject property was no longer property of the estate. Opinion below.

Judge: Carr

Attorneys for Debtor: Sabin, Shea & Des Jardines LLC, J. Andrew Sabin

USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Spradlin v. Wrigley’s 7-711, Inc. (In re Licking River Mining, LLC)

(Bankr. E.D. Ky. June 21, 2017)

The bankruptcy court grants the defendant’s motion to dismiss the trustee’s complaint, which sought to avoid transfers from debtors to the defendant. The complaint failed to state a claim, in part because the defendant could not be deemed an “insider” of the debtor. The court additionally finds that the complaint contains insufficient facts to support various other claims. Opinion below.

Judge: Wise

Attorneys for Trustee: Bingham Greenbaum Doll LLP, Claude R. Bowles, Jr., Daniel J. Donnellon, James R. Irving, April A. Wimberg

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
In re Pace

(B.A.P. 6th Cir. June 20, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
Levin v. Paige (In re Stein)

(S.D. Ind. June 2, 2017)

USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
RBI fast tracks the stressed asset resolution process

On 5 May 2017, a day after the recent Banking Regulation (Amendment) Ordinance, 2017 (Ordinance) received Presidential assent, the Reserve Bank of India (RBI) issued a circular on ‘Timelines for Stressed Assets Resolution’ (Circular). The Circular amends the existing “Framework for Revitalising Distressed Assets in the Economy – Guidelines on JLF and CAP” dated 26 February 2014 (JLF Framework) and mandates members of a joint lenders forum (JLF) to follow strict timelines in implementing the corrective action plan (CAP) or suffer penal consequences for non-compliance.

India, Banking, Insolvency & Restructuring, Khaitan & Co, Regulatory compliance, Debt, Reserve Bank of India
Edmondson v. Gordon (In re Gordon)

(6th Cir. B.A.P. May 18, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
Kendrick v. Rister (In re Rister)

(Bankr. E.D. Ky. May 18, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Midland Funding, LLC v. Johnson

(U.S. Sup. Ct. May 15, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Supreme Court of the United States