In re Sea Trail Corporation, Case No. 11-07370- 8-SWH (Bankr. E.D.N.C., Oct. 23, 2012)
CASE SNAPSHOT
CASE SNAPSHOT
Since theIn re Crane decision was handed down by the Bankruptcy Court for the Central District of Illinois in April 2012, all eyes in the mortgage banking industry have been focused on the appeal of the decision pending in the U.S. District Court, in the hopes that the widely criticized ruling of the Bankruptcy Court would be overruled.
In re Coastal Broadcasting Systems, Inc., Case No. 11-10596 (Bankr. D. N.J. July 6, 2012)
CASE SNAPSHOT
At confirmation, the bankruptcy court considered whether the assignment of voting rights in an intercreditor agreement was enforceable. The bankruptcy court noted that various courts had reached differing conclusions, but ultimately found that the voting assignment in the intercreditor agreement before it was enforceable.
FACTUAL BACKGROUND
In re Furrs Supermarkets, Inc., No. 11-01-10779 SA (Bankr. D.N.M. Aug. 15, 2012)
CASE SNAPSHOT
Wright v. Owens Corning, 450 B.R. 541 (W.D. Pa. 2011), aff’d in part, rev’d in part, 2012 WL 1759992 (3rd Cir. Pa.) (May 18, 2012).
In re WL Homes LLC, Case No. 09-10571 (Bankr. D. Del. May 16, 2012)
CASE SNAPSHOT
The debtor’s insurer sought to lift the automatic stay in order to setoff $2.2 million in return premiums against potential defense costs that the insurer expected to incur related to certain insurance claims made against the debtor. The court denied the motion, finding that the insurer had not established a right to setoff under either state law or the Bankruptcy Code.
FACTUAL BACKGROUND
In re Creekside Senior Apartments, LP, 2012 Fed App. 0008P (6th Cir. B.A.P. June 29, 2012)
CASE SNAPSHOT
In a case of first impression, the Sixth Circuit BAP held that, for purposes of valuing collateral under section 506(a) of the Bankruptcy Code, the availability of Low-Income Housing Tax Credits must be considered in valuing a creditor’s secured claim.
FACTUAL BACKGROUND
In re Heritage Highgate, 679 F.3d 132 (3d Cir. 2012)
CASE SNAPSHOT
In re 400 Walnut Associates, L.P., 2012 BL 140988 (E.D. Pa. June 7, 2012)
CASE SNAPSHOT
The creditor appealed the denial of its claim for pre-petition interest at the contractual default rate. The district court reversed and remanded the case, holding that the bankruptcy court had incorrectly applied an "equitable analysis" in making its decision.
FACTUAL BACKGROUND