In the recent decision of Gavin Salmonese, LLC v. Shyamsundar, et al. (In re AmCad Holdings, LLC, et al.) (Bankr. D. Del.
Introduction
I just had an interesting discussion with a partner on the subject of the sale of exempt property in bankruptcy. We concluded that even though tenant by the entireties real estate might be exempt from creditor claims in some states, nonetheless in bankruptcy it is still property of the estate under Bankruptcy Code section 541 and subject to the bankruptcy trustee’s general powers of sale under Code section 363(b). The analysis goes like this: section 541 creates a bankruptcy estate that includes all interests of the debtor in property without mention of exemptions, and sec
This week, Edward Gavin, the liquidating trustee (the "Trustee") for the Ultimate Escapes bankruptcy, filed preference complaints against several defendants. Under the complaints, the Trustee alleges that the defendants received preferential transfers that are avoidable under 11 U.S.C. section 547 of the Bankruptcy Code. For those unfamiliar with this bankruptcy proceeding, Ultimate Escapes ("Ultimate" or the "Debtor") filed petitions for bankruptcy in the Delaware Bankruptcy Court on September 20, 2010.
San Bernardino County is now considering a plan to use eminent domain to restructure mortgages that are underwater. If the proposed plan is enforced, many investors could face significant losses if their loans are seized. Michael A. Sweet discussed San Bernardino County’s financial situation with American Banker..
Introduction
On March 5, 2012, Pemco World Air Services ("Pemco"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Pemco's CFO (the "Declaration"), Pemco describes itself as "an industry leader in maintenance, repair and overhaul for wide and narrow body aircraft and regional jets from around the world." Decl. at *2. In addition to maintenance and repair, Pemco also is one of the leading providers of narrow body aircraft cargo conversions. Id.
Introduction
This Installment will address the potential legal disabilities that exist under the New York Debtor and Creditor Law for the Wilpon/Katz families, the owners of the New York Mets (collectively, the “Wilpon Interests”), in their effort to sell a minority interest(s) in the Mets, in light of the existence of the lawsuit against them (the “Wilpon Case”) by Irving Picard, the Trustee in the Bernard L. Madoff bankruptcy.
Summary
In a 56 page opinion published June 9, 2011, Judge Walsh ruled that a method of operating in which all of the credits and debits between two companies were netted out allows this same method to be used in calculating a set-off defense in preference litigation. Judge Walsh’s opinion is available here (the “Opinion”).
Background
Summary
In a 5 page decision signed May 4, 2011, Judge Walsh of the Delaware Bankruptcy Court held that a proceeding initiated by a Debtor, seeking contribution relating to environmental claims is non-core. Judge Walsh’s opinion is available here (the “Opinion”).
Background