In re Carroll, 520 B.R. 491 (Bankr. M.D. La. 2014) –
A chapter 7 trustee sought to substantively consolidate the bankruptcy estates of individual chapter 7 debtors with the separate bankruptcy estate of their wholly owned limited liability company (LLC). Only the debtors, and none of the creditors, objected to substantive consolidation.
In re Denman, 513 B.R. 720 (Bankr. W.D. Tenn. 2014) –
A chapter 13 debtor was a member of a limited liability company. Another member sought relief from the automatic stay in order to exercise a right to acquire the debtor’s membership interests pursuant to the LLC operating agreement.
Vieira v. Harris (In re JK Harris & Co., LLC), 512 B.R. 562 (Bankr. D. S.C. 2012) –
A chapter 7 trustee sued a manager of three limited liability company (LLC) debtors for breach of fiduciary duty and to hold the manager personally liable for distributions made to members, including himself.
So long as there is no evidence of willful default or lack of reasonable diligence, failure to submit a claim form in time in relation to a CVA may not be fatal.
NNN 400 Capitol Center, LLC, a single asset real estate debtor, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware. According to the Petition, the Debtor estimates its assets and liabilities to both be between $10MM – $50MM.
Delaware Sports Complex, LLC, which operates an 180 acre indoor and outdoor sports facility and the 190 acre St. Annes golf course in Middletown, Delaware, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11175).
The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry, especially for its investors.
In a case of first impression, DLA Piper argued before the US Bankruptcy Court for the District of Delaware that a consent provision in a Delaware LLC operating agreement effectively granting a creditor a veto right over a debtor’s decision to file for bankruptcy was void because it was contrary to federal public policy.
The United States District Court for the Southern District of New York dismissed an insider preference complaint by Capmark Financial Group Inc. and its affiliates ("Capmark") seeking to recover a $145 million pre-bankruptcy payment from a lender group. Capmark Financial Group Inc. v. Goldman Sachs Credit Partners L.P., __ F. Supp. 2d __, 2013 WL 1420243 (S.D.N.Y. Apr.