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Sunshine Heifers, LLC v. Citizens First Bank (In re Purdy)

(6th Cir. Aug. 31, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
Illinois Case Demonstrates Need for Changes to UCC Article 9

A bankruptcy case in Illinois highlights the need for the amendments to Uniform Commercial Code Article 9 which will be effective in Indiana and many other states.

USA, Illinois, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
In re Stapp

(Bankr. S.D. Ind. Aug. 21, 2017)

USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Eleventh Circuit Moves Toward Bright Line Rule That Debtors Cannot Retain Real Property Post- Discharge Without Reaffirming the Mortgage Debt

Last year, Burr & Forman lawyers won a decisive victory in the Eleventh Circuit, in the case of In re Failla, 838 F.3d 1170 (11th Cir. 2016). In Failla, the Eleventh Circuit held that a debtor who files a statement of intention to “surrender” his or her house in bankruptcy may not oppose the secured creditor’s foreclosure proceeding in state court. Failla is a significant victory for secured creditors for two primary reasons. First, the Eleventh Circuit interpreted the meaning of “surrender,” as used in 11 U.S.C.

USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Burr & Forman LLP, Eleventh Circuit
Springer v. RNBJ RTO LLC (In re Springer)

(Bankr. W.D. Ky. Aug. 16, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Grede v. FCStone, LLC (In re Sentinel Management Group, Inc.)

(7th Cir. Aug. 14, 2017)

The Seventh Circuit reverses the district court and holds that certain funds held by the debtor were held in trust for the appellant and other creditors in the same customer class. The funds therefore were not property of the estate that should be distributed pro rata to all creditors. Opinion below.

Judge: Hamilton

Attorneys for Appellant: Foley & Lardner LLP, Stephen Bedell, Robert Seth Bressler, Geoffrey S. Goodman, David B. Goroff, Thomas P. Krebs, William J. McKenna, Jr.

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Seventh Circuit
In re Mann

(Bankr. W.D. Ky. Aug. 10, 2017)

The bankruptcy court denies the U.S. Trustee’s motion to enter an order for sanctions and requiring disgorgement of fees. The attorney had provided advice to the debtor about the petition and schedules that the debtor had drafted. The attorney was not aware that a bankruptcy was filed until he received the U.S. Trustee’s motion. The court declines to grant the relief requested under these circumstances. Opinion below.

Judge: Lloyd

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

(Bankr. E.D. Ky. Aug. 4, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Coslow v. Reisz (In re Coslow)

(Bankr. W.D. Ky. July 28, 2017)

USA, Kentucky, Banking, Insolvency & Restructuring, Litigation, Real Estate, Stoll Keenon Ogden PLLC, Mortgage loan, United States bankruptcy court
Ball v. United Cumberland Bank (In re Ball)

(Bankr. E.D. Ky. July 17, 2017)

The bankruptcy court dismisses the debtor’s complaint seeking to avoid a transfer to the bank defendant. The transfer consisted of the Bank exercising its contractual setoff right and applying funds in the debtor’s bank account to the Bank’s claim. The transfer occurred while the bankruptcy case was dismissed. The debtor fails to state a claim that is plausible on its face. Opinion below.

Judge: Schaaf

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC