All caught up… Below are my next 54 bankruptcy case tweets of August 2011 and 8 other tweets of general interest since my last post of August 24. RSS Feeds are also available. All my twitter posts are here (twitter) or here (blog).
The chart from a post entitled The Brand New Scariest Jobs Chart Ever is the "Money Game Chart of the Day" for 8/5/11.
Bankruptcy Cases and Topics
- B-SDNY in Dreier case vs. Wachov reviews law re propriety of collapsing transactions in analyzing fraudulent tsf issues. t.co/NwIS0E9
- B-SDNY agrees that pltf only req’d to plead fraudulent intent of transferor under NY intentional fraudulent tsf law. t.co/NwIS0E9
- B-SDNY: NY Law of "fair consideration" in Ponzi scheme requires tsfee act in good faith & shouldnt have known of Ponzi. t.co/NwIS0E9
- B-SDNY: Having reason to question Dreier’s honesty/acctg of funds, isn’t equiv. to actual or constr knowledge of Ponzi. t.co/NwIS0E9
- B-SDNY dismisses fraudulent tsf & preference actions vs Wachovia in Dreier Ponzi under FRCP 12(b)(6) w/leave to replead. t.co/NwIS0E9
- B-SDNY: Substantially contemp. for pref. defense is case-by-case, but 3 day perfection delay is virtually simultaneous. t.co/NwIS0E9
- B-SDNY-Foreign Rep seeking emails only got ex parte relief in UK, but no ex parte ch 15 relief here as ag. publ. policy. t.co/NgwYn1E
- B-CT looks to Black’s Dict. & sees no "scheme" here to hinder creditors that justifies lifting stay per §362(d)(4)(A). t.co/4JfQijf
- B-FL: Forfeited earnest money deposit for real estate contract subject to the lien of mortgage lender, not UCC lender. t.co/Ok0sEZ6
- B-KS: agree w/minority that §1409(b) venue limits dont apply to avoidance actions per plain meaning of "arising under. t.co/kRcvP0o
- B-TX: Equitable tolling not apply to §549 claim where applic. depends on conduct of a 3d party and not the defendant’s. t.co/FRKCcOy
- D-NV: Bank didnt waive right to demand full payment & to immediately foreclose simply bec adeq. prot. order was entered. t.co/gPEfWnA
- B-DC: Motions to remand or that Ct lacks subject matter JD are core proceedings that BK Ct can enter final orders on. t.co/f7CacUC
- B-SDNY reminds that Cts generally won’t modify loan agreements imposing default interest rates, esp for solvent debtor. t.co/Xu9j4j8
- B-MD won’t approve discl. st. for fatally flawed plan w/improper releases: "to do so would be an exercise in futility." t.co/sJl2Ciu
- B-IL strikes $13.9M proof of claim not electronically filed by FL atty, who compounded his error w/several more. Ouch! t.co/lG0aYb5
- B-TN reminds that focus of reasonably equivalent value issue is on value received by the debtor not the transferee. t.co/jS6Nh2t
- B-IL:Pltf in §523 case precluded by judicial estoppel from bringing fraud claims that weren’t part of state ct. jdgmt. t.co/4mfCSsz
- BK-MS wont enjoin LA Distr Ct from proceeding w/ nondebtor litigation absent explicit authority empowering Ct to do so. t.co/PHure47
- SDNY: §502(d) is pers. disabil. of claimant-not claim attribute; it only attaches to "pure assignment" (vs. sold) claim. t.co/YLF7KYS
- B-DE: D&O get defense costs bec. RICO, Avoidance, & "Covered Matters" actions are "Related Claims" under D&O Policy. t.co/NAE8rKN
- B-MA: 100% of FMV on a debtor’s Schedule C "should be like catnip to a trustee," so failure to timely object is fatal. t.co/LrPUTsl
- B-TX agrees that unsec. cr. can’t get postpet. fees & costs-even if contract permits them-under ch 11 plan paying 100%. t.co/16ahzKw
- 11th: Sov. Immun. shields FL DOR & VA DSS from claims for stay violations in trying to collect prepet. interest on DSO. t.co/Dr4uiyq
- D-TX: ERISA plan insurer states valid claim for constructive trust on collected premium not turned over & swept by BOA. t.co/h93XpFO
- D-KY cuts atty fees award to K&E for contract breach by 2/3; case not difficult and Ashland, KY local rates sufficient. t.co/2H8ej5R
- B-SDNY applies 2d Cir Enron op. & holds that cash tsf to fin. inst. as agent for redemption meets §546(e) safe harbor. t.co/VmTMLnW
- B-IL doubts §523(a)(2)(A) false pretenses claim can be sustained w/out proof of positive acts to further the deception. t.co/vF8krhw
- B-AZ: Litigation dgs. owed to dbtr for atty fees arent limited by what dbtr actually paid attys as unsec cr. of estate. t.co/PIwOL09
- B-SDNY extends time to complete defective service on corp (named officer not req’d); doesnt dismiss bec lim. pd had run. t.co/t9XL988
- B-MI permits UST’s Rule 2004 exam ag. BofA re practice & procedure in filing claims for possible abuse of BK process. http://t.co/3dmkXdg
- B-AL: Golf course subject to implied restrictive covenant to operate prohibits 363 sale free & clear of such covenant. t.co/O72CQfq
- B-SC: Bona fide dispute exists under §363(f)(4) if there’s an obj. basis for disputing validity of asserted interest. t.co/qeKVel0
- B-TX: Cplt for turnover of disputed debt per §542 not dismissed per FRCP 12(b)(6) unless recovery not available at all. t.co/AlL61KT
- B-TX reviews separate doctrines of abstention/remand/removal & procedural devices of "mand. remand" & "mand. removal." t.co/AlL61KT
- B-IL: Filing an Objection to Discharge is a complaint that-while deficient in form-was timely filed & could be amended. http://t.co/c05eW4h
- D-CO: LLC member lacks standing to appeal a Court order for relief granting an involuntary petition. t.co/Lp3a7Id
- D-CO acknowledges validity of provision in LLC operating agr. prohibiting management from filing a bankruptcy petition. t.co/Lp3a7Id
- B-IL acknowledges that Twiqbal standards lessened when individual info of Def.’s role uniquely w/in Def.’s knowledge. http://t.co/ekrxyst
- B-IL acknowledges that Twiqbal standards lessened in BK where necessary information is 2d hand & records in disarray. t.co/ekrxyst
- B-TX reviews scope/extent of stay applicable to property owners assn dbtr re common area / assessments / rents / dues / fees. t.co/FA0NUIg
- B-DE dismisses aiding & abetting breach of duty/conspiracy claims vs ttee’s agents for mismanaging value of I/O strips. t.co/iAJZ6fM
- B-MD denies all fees to conflicted attys who rep’ed dbtr & simultan. rep’ed largest creditors in unrelated st. ct case. http://t.co/40hf6v4
- 5th amends remand ruling to permit partial recovery on $29.7 admin claim if nec. to avoid equitable mootness concerns. t.co/40hf6v4
- B-TN reviews case split & adopts narrower view that absolute priority rule still applies in individual chapter 11 case. t.co/9XvfJV2
- B-SDNY: To get prepet. prejdgmt interest on P/C in BK, NYCPLR requires "sum awarded" by judgment, verdict or decision. t.co/jcdW8lX
- 2d Cir: Use of the "Net Investment Method" by Madoff Trustee for calculating the "net equity" of customers was proper. t.co/7LmswrU
- 2d Cir: Madoff Trustee not obligated to step into defrauder’s shoes or treat customer statements as reality. t.co/7LmswrU
- 2d Cir: SIPA doesnt prescribe a single way of viewing "net equity" in the myriad situations types of SIPA liquidations. t.co/7LmswrU
- 2d Cir, in rejecting "Last Statement Method," doesn’t hold that this way of calculating "net equity" is impermissible. t.co/7LmswrU
- 7th: Unless buyer particip. in alleged fraud, rescinding 363 sale not approp. on alleged SH fraud in joining invol pet. t.co/tk5D9YG
- 5th compares its "practical," "less stringent" std re "finality" in BK appeals w/ "rigid rule of finality" of 2d Cir. t.co/6aA5cnm
- 5th Cir distinguishes 3d Cir break-up fee cases requiring proof per §503(b) of necessity to "preserve value of estate." t.co/6aA5cnm
- 5th affirms break-up fee per §363(b) stds-not §503(b)-where order was issued before bidders incurred due dilig. fees. t.co/6aA5cnm
Topics of General Interest
- Good 11 yr old Texas Monthly profile re "It’s Rick Perry’s Party Now" A profile of the latest GOP pres. candidate. t.co/uLTEQx7
- Parsing the latest blow to Obama’s health care law http://t.co/dL32MmD by @CBSAndrew
- RT @Nouriel: RT @rcwhalen: My summer reading list: Debt, deflation & democracy. t.co/8C5w3rx
- Reports from inside #Syria:"there was ‘nothing but shooting and sounds of explosions, no water, no electricity.’" t.co/acHNWY8
- Great reporting by @ryanlizza @NewYorker: The Transformation of Michele Bachmann from Tea Party Insurgent to Contender. t.co/gI1QplD
- Now this is hardball politics! I still prefer the more captivating story, however unlikely, that Mossad poisoned him. t.co/gxKVYlw
- Is this Stanley Aronowitz @howclassworks or @nouriel: "Is Capitalism Doomed?" http://t.co/P0i1MCt. Reminds me of days at Columbia U 1980.
- Read Judge Posner’s quick take on the London riots. RT @UChicagoLaw: Becker-Posner Blog: The English Riots—Posner. t.co/zvJxJse
Thanks for reading!
© Steve Jakubowski 2011