By Scott Riddle Posted in News and Comments,Northern District Cases“It has been said that, in many bankruptcy cases, there are no good alternatives, only less bad ones. As financial realities in this case took hold, it became clear that, for most creditors, including the objectors, there were not even “less bad” alternatives. The Court is saddened that it can offer only an explanation for… Continue Reading
By Posted in Georgia State Cases,Miscellaneous Cases,News and CommentsIn a case of first impression, the Georgia Court of Appeals has held that a foreclosure notice must identify both the secured lender and the "individual or entity who shall have full authority to negotiate, amend, and modify all terms of the mortgage with the debtor." Reese v. Provident Funding Associates, LLP, 2012 Ga. App. LEXIS… Continue Reading
By Posted in Corporate & Fiduciary Litigation,Miscellaneous Cases,News and Comments,Small Business BankruptcyThe Seventh Circuit Court of Appeals has issued the first published Circuit Court opinion on the question of whether trademarks are assignable in a Bankruptcy case. The opinion, authored by Judge Posner, is in the case of In re XMH Corp., Nos. 10-2596, 10-2597, 10-2598, 10-2599, 2011 U.S. App. LEXIS 15372 (7th Cir. July 26, 2011) (click… Continue Reading
By Scott Riddle Posted in Northern District CasesBy: Scott B. Riddle, Esq. In this February 29, 2008 post, I discussed the adversary complaint filed in the Northern District of Georgia against Countrywide by the Office of the United States Trustee. See Walton, United States Trustee v. Countrywide Home Loans, Inc., Adv No. 08-6092, filed in the Chapter 13 case of In re… Continue Reading
By Posted in News and CommentsFrom the Atlanta Journal Constitution – A record number of metro Atlanta properties are scheduled to be auctioned on the courthouse steps next month, according to numbers released Tuesday by Equity Depot, an Alpharetta company that tallies foreclosures. … In the 13-county metro area, 7,335 properties are scheduled for courthouse auctions, Equity Depot said. The… Continue Reading
By Posted in News and CommentsFrom Bloomberg – April 11 (Bloomberg) — They’re talking more about Chapter 9 municipal bankruptcy in Jefferson County, Alabama, the home of the largest city in the state, Birmingham. Who can blame them? The county is now being whipsawed by an ill-thought-out debt policy and the collapse of the bond insurers. Credit-rating downgrades all around… Continue Reading
By Posted in News and CommentsAt least one investor believes Bankruptcy is a better option for Bear Stearns than the $2 per share offer by JP Morgan. From CNN Money – Here’s what Nye Lavalle, a private investor, investor and consumer advocate, in Atlanta, writes: My recommendation and our vote of our shares will be to turn down the proposal… Continue Reading
By Posted in News and CommentsFrom The Next Big Bankruptcy, By Martin Weiss PhD — As we warned you here in August … and as I explained on CNBC a few days later … America’s kingpin of mortgages is on a collision course with bankruptcy. Its name: Countrywide Financial. If it goes under, the impact on U.S. financial markets will… Continue Reading
By Posted in News and CommentsProfessor John Pottow of the University of Michigan Law School thinks so in his latest Credit Slips post. The Code section in question is Section 522(p), which provides as follows – (p)(1) Except as provided in paragraph (2) of this subsection and sections 544 and 548, as a result of electing under subsection (b)(3)(A) to exempt… Continue Reading
By Posted in Miscellaneous CasesThis case comes courtesy of an email from Jennifer Gronwaldt of the Media Relations firm of Hellerman Baretz Communications LLC, apparently sent to other bankruptcy blogs as something of a press release (it apparently worked!). The case is In re Cygnus Oil and Gas Corp., f/k/a Coffee Exchange, Inc., f/k/a Touchstone Resources, LLC, Case No.… Continue Reading
By Posted in Eleventh Circuit CasesIn re Dr. Gail Van Diepen, P.A., No. 06-14517, 2007 U.S. App. LEXIS 12796 (11th Cir. May 31, 2007). After judgments were entered against the debtor entity, the principal closed the debtor and started a new company to provide health care services. Assets of the debtor were transferred to the new company. After the debtor… Continue Reading
By Posted in Miscellaneous CasesIn re Moustafi (click for opinion), Ch. 7 Case No. 4-07-00407-EWH, 2007 Bankr. LEXIS 1925 (Bankr. D. Ariz. June 4, 2007. The Chapter 7 debtor stated her intention to reaffirm the debt secured by her vehicle. She timely executed the reaffirmation agreement pursuant to §521, and it was accepted by the lender. However, the court found that debtor’s income… Continue Reading
By Posted in News and CommentsTriatek, Inc. filed a Chapter 11 petition in the Northern District of Georgia on June 18, 2007, Case No. 07-69507. Assets and liabilities are both listed as between $1 million and $100 million. Triatek lists "Triatek World Labs, Inc." Triatek International" and "Triatek Lighting, Inc." as other names used in the last eight years.… Continue Reading
By Posted in Corporate & Fiduciary Litigation,Miscellaneous CasesPosted By: Scott B. Riddle, Esq. In Kaye v. Dupree, et al. (In re Avado Brands, Inc.), Adv. No. 05-3823, 2006 Bankr. LEXIS 3631 (Bankr. N.D. Tex. December 28, 2006), the Trustee of the Debtor’s Litigation Trust filed a post-confirmation suit against the Debtor’s former officers and directors. The causes of action included preferential transfers,… Continue Reading
By Posted in Northern District CasesPosted By: Scott B. Riddle, Esq. Hospitality Ventures/Lavista v. Heartwood II, LLC, et al (In re Hospitality Ventures/Lavista), Adv. No. 03-06596, 2007 Bankr. LEXIS 39 (Bankr. N.D. Ga. January 3, 2007)(Bonapfel) (click caption for opinion). I will briefly review the facts and conclusions, but I recommend reading the full opinion as the issues are complicated and… Continue Reading
By Posted in Eleventh Circuit CasesBy: Scott B. Riddle, Esq. Welt v. MJO Holdings, Inc. (In re Happy Hocker Pawn Shop, Inc.), No. 05-16182, 2006 U.S. App. LEXIS 31639 (11th Cir. December 21, 2006). Prior to filing bankruptcy, the debtor pawn shop had transferred its inventory to the plaintiff in satisfaction of a debt, and the plaintiff thereafter also operated a pawn… Continue Reading
By Posted in Miscellaneous CasesSorry for the length of this post, but rather than attempt to summarize this case I am posting lengthy excerpts from the opinion. Scroll to the bottom of the post for links to the briefs filed in the case. Thanks to Katie Porter at Credit Slips for notice of the case. Milavetz, Gallop & Milavetz… Continue Reading
By Posted in News and CommentsThe Electronic Discovery Blog has a good summary of the new amendments to the Federal Rules of Civil Procedure as they pertain to electronic discovery. You can view the post by clicking here. As a side note, the I have upgraded to the new version of Adobe Acrobat 8, and it is a very nice improvement… Continue Reading
By Posted in News and CommentsThe Amendments to the Federal Rules of Civil Procedure, and by extension the Federal Rules of Bankruptcy Procedure, are effective this coming Friday, December 1, 2006. You can read a summary of the amendments by clicking here. All lawyers, including in-house counsel, should be aware of the new rules regarding electronic discovery and the preservation of electronic… Continue Reading
By Posted in Miscellaneous CasesIn Trenwick America Litigation Trust v. Ernst & Young, LLP, et al, 906 A.2d 168, 2006 Del Ch. LEXIS 139 (Del. Ch. August 10, 2006), the Chancery Court firmly held that deepening insolvency is not a valid cause of action under Delaware law. It will be interesting to see how the Delaware Supreme Court rules… Continue Reading
