Category Archives: adversary

7th Cir. Opinions

7th Circuit Opinion Summaries courtesy of Justia.com

United States v. Rogan

Bankruptcy, Criminal Law, Government, White Collar Crime

River Road Hotel Partners, LLC v. Amalgamated Bank

Bankruptcy

Bloomfield State Bank v. United States

Bankruptcy, Real Estate & Property Law, Tax Law

Costello v. Grundon

Bankruptcy, Commercial Law, Securities Law

CDX Liquidating Trust v. Venrock Assocs., et al

Bankruptcy, Business Law, Securities Law

Reedsburg Util. Comm’n v. Grede Foundries, Inc.

Bankruptcy, Utilities Law

Kimbrell v. Brown

Bankruptcy, Injury Law

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In re Netzel, 08-046723 (ND IL ED) (J. Doyle)

Bankruptcy_court_logo

Issued: January 20, 2011 by Judge Doyle

Case #: 09 B 46723, 10 A 01292

The Issue: Whether an individual creditor has  standing under  § 523(a)(4) to bring a direct action against directors of an insolvent corporation for breach of fiduciary duty.

The Story: Debtor owned a plumbing company.  Plaintiff claimed that Debtor breached his fiduciary duty to creditors after the plumbing company became insolvent due to the diversion of company funds to pay for the Debtor’s personal debts.  Creditor claimed that the debt was non-dischargeable in bankruptcy under Rule 523(a)(4).  The court held that the individual creditor lacked standing.   Also a good walk thru on Illinois law about “Special Circumstances Fiduciary Duty.”

Click here to view and download the opinion in .pdf format.

In re Shields/Springer v. Shields (ND IL ED)(J. Squires)

In re Earl W. Shields,  10-000943
800 Springer v. Shields, 10-00693

Issued:    February 8, 2011
By Judge: John H. Squires

Click here to download and view the Opinion in .pdf format.

Trustee v. Penn Media, 03 A 01141

 

Bankruptcy:  In re marchFirst, Inc, 01 B 24742
Adversary: Trustee v. Penn Media, 03 A 01141
Opinion Issued: October 14, 2010
By;  The Hon. A. Benjamin Goldgar

Upshot: Trustee moves to recover a payment as part preference and part fraudulent transfer. Defendant, a creditor with which debtor did business, moves for summary judgment. Creditor/Defendant’s motion is granted as to the preference and denied as to the fraudulent transfer.

Click here to view and download the opinion in .pdf format.

In re Vaccaro/Estate of Bartlett v. Vaccaro

In re Frank S. Vaccaro, 09-08674
Estate of Bartlett v. Vaccaro, 09-00476
Opinion Issued October 14, 2010
By Judge Susan Pierson Sonderby
Click here to view and download the Opinion in .pdf format.

Westlaw Case Updates

 

Reed v. City of Arlington (Sep.17) (Cir. 5)

In a Chapter 7 case in which debtors omitted a pending $1 Million+ judgment from sworn statements and filings, district court’s order discharging debts and allowing the Trustee to collect on behalf of the Estate is reversed to protect the integrity of the judicial processes.

Deutsche Bank v. Tucker (Sep. 15) (Cr. 6)

Chapter 13 Debtor claims that she need only cure the amount of her mortgage default that is secured, and that all additional fees and expenses should be treated as unsecured. The bankruptcy court agreed, but the district court vacated and remanded. Following remand the bankruptcy court held that bank fees and advances allowed under the Note, Mortgage, and applicable State law, should be included in the cure amount set forth in the Chapter 13 Plan.

In re: Gebhart (Sept. 14) (Cir. 9)

Court may have property sold and any non-exempt equity distributed even if the property only rose in value after the filing date. In this case the value of debtors’ home increased during his Chapter 7 and the bankruptcy court’s order approving appointment of a broker was affirmed on appeal. The fact that the value of the debtor’s homestead exemption, plus encumbrances, had been equal to the market value of the residence at the time of filing did not prevent the trustee from taking advantage of the windfall.

Simmons v. Roundup Funding, LLC, 09-4984

2nd Cir.
Adversary Decided: October 5, 2010
Holding: A proof of claim filed in bankruptcy court cannot form the basis for a claim under the Fair Debt Collection Practices Act.
Download and read a copy of the Opinion in .pdf format here.
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