In a decision entered July 30, 2009, the Bankruptcy Court for the Eastern District of North Carolina held that a bankruptcy trustee can avoid the lien claim of a subcontractor whose claim derives from a claim of lien on funds asserted under North Carolina state law. The case is In re: Harrelson Utilities, Inc.
Legal Background
On November 12th, the Third Circuit affirmed both bankruptcy and district court findings that, under the Rooker-Feldman doctrine, federal courts lacked subject matter jurisdiction over a claim seeking rescission of a mortgage filed in an adversarial action in federal bankruptcy court after a state court entered a default foreclosure order on that mortgage. The Third Circuit held further that the entry of summary judgment against plaintiff on her Truth in Lending Act claim was proper.
Masuda Funai routinely represents creditors in bankruptcy proceedings in order to protect their contractual and legal interests and rights to payment. The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
AUTOMOTIVE
On Nov. 10, 2009, a Pennsylvania district court held that secured creditors do not have an absolute right to credit bid1 their debt under the Bankruptcy Code (the “Code”) in an asset sale conducted pursuant to a “cramdown” plan of reorganization that proposes to provide the secured creditors with the “indubitable equivalent” of their claims. In re Philadelphia Newspapers, LLC, Civil Action 09-00178 at 57 (E.D. Pa. Nov. 10, 2009). This decision is on appeal to the Third Circuit Court of Appeals.
Facts
Filing a successful proof of claim is the key to unlocking a creditor's right to recover against a debtor in bankruptcy. Only in limited circumstances may a creditor recover against the debtor's estate without properly filing a proof of claim. This article addresses the various stages of filing, attacking and defending a proof of claim.
Charter Communications stepped closer to emerging from Chapter 11 protection as a New York bankruptcy judge approved the company’s pre-arranged plan of reorganization on Tuesday. Based in St. Louis, Charter ranks as the nation’s fourth largest cable system operator with 4.9 million subscribers across 27 states. Straining under a debt load of $21.7 billion, Charter filed for bankruptcy protection in March after bondholders in possession of $8 billion of the company’s debt agreed to exchange their debt for equity in the reorganized entity. The plan endorsed by U.S.
The Chapter 7 Trustees in the Pope & Talbot and Specialty Motors bankruptcies recently filed hundreds of complaints in the United States Bankruptcy Court for the District of Delaware. George Miller is the Chapter 7 Trustee in the Pope & Talbot bankruptcy while Jeoffrey Burtch is the Trustee in the Specialty Motors (aka "Von Weise Inc.") bankruptcy. Both groups of complaints seek the avoidance and recovery of alleged preferential transfers from various creditors of the debtors.
Introduction
Introduction
The Eastern District of Pennsylvania held that secured creditors do not have a right to credit bid their claim when the sale of a debtor’s assets is conducted under a plan of reorganization.