In re Tracy Broadcasting Corporation, No. 11-1453 (10th Cir., Oct. 16, 2012)
CASE SNAPSHOT
In re Geijsel, et al., Case No. 10-43979-11 (Bankr. N.D. Texas, Aug. 24, 2012)
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In re Homebanc Mortgage Corp.,No. 07-51740-KJC, 2013 WL 211180 (Bankr. D. Del. Jan. 18, 2013)
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The Bankruptcy Court found that individual repurchase transactions having a purchase price of zero may fall within the definition of "repurchase agreement" under section 101(47) of the Bankruptcy Code provided that the master agreement governing such transactions acknowledges that each transaction constitutes consideration for every other transaction under the master agreement.
FACTUAL BACKGROUND
All too often, a secured creditor’s negotiation and litigation of chapter 11 plan confirmation issues centers disproportionately on the amortization schedule of a secured claim and lacks focus on other issues that shift risk or otherwise have significant economic impact on the relative rights of the parties.
In re Premier Golf Properties, L.P., BAP No. SC- 11-1508-HPaJu (9th Cir. BAP, Aug. 13, 2012)
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The Ninth Circuit B.A.P. affirmed the bankruptcy court decision that post-petition income from greens fees and driving range fees were not “rents, proceeds, or profits” of the secured lender’s pre-petition blanket security interest on all real and personal property (and “all proceeds thereof”) within the meaning of section 552(b), and thus were not cash collateral.
In re S. White Transp., Inc., 473 B.R. 695 (S.D. Miss. 2012)
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In re American Capital Equipment, LLC, 688 F.3d 145 (3d Cir. 2012)
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A new troubling case from California allows borrowers to present evidence of prior oral statements of a lender which contradict the terms of the written agreement between the parties with a standard integration clause. Marsha Houston of our Los Angeles office writes more about the case below.
The Newhall Land and Farming Company v. American Heritage Landscape, LP, et al. (In re Landsource Communities Development LLC, et al.) Adv. No. 09-51074 (KJC), (Bankr. D. Del., Aug. 30, 2012))
CASE SNAPSHOT
Custom and practice in Illinois with respect to mortgages has been to incorporate the note or other debt instrument by reference, rather than to disclose all of the financial terms of a loan transaction in the mortgage.