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
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
Posted in 101, 109(h), 11 U.S.C. § 707(b)(3), 11 U.S.C. section 365(a), 1112(b), 1307, 1308, 1322(b)(11), 1325(a)(5), 1325(a)(9), 1325(b), 1326(a)(1)(C), 1328, 15 USC 1692k(c), 2002, 28 U.S.C. 1927, 3017(d), 342, 362(c)(3)(A), 362(c)(3)(B), 362(c)(4)(A)(i), 363, 451, 22.214.171.124, 502(b)(6), 510, 521, 522, 523, 526(a), 527(a)(2), 528(a), 528(a)(4), 528(b)(2)(B), 547(b), 550, 550(a), 707, 727, 9019, 9023, 9037, adequate protection, adversary, amendment, appellate court, assets, attorneys, audit, automatic stay, automobile, avoidance, bad faith, bank, bankruptcy, Bankruptcy Rules, BAPCPA, blogging, blogs, bubble, business, business filings, call, case update, cash collateral, ch 13, ch 7, cir 7, consumer, current-events, IL, individual, ND, small business
Tagged Bankruptcy, Commercial Law, Criminal Law, law, Lawyers and Law Firms, Services, United States, United States bankruptcy court
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.
Posted in 523, accounts receivable, adversary, assets, bad faith, bankruptcy, Bankruptcy Rules, business, business filings, ch 7, chapter 7, cir 7, corporation, creditor, debt, discharge, fiduciary, fraud, fraudulent transfers, ND, opinion, property, secured, small business, Uncategorized, unsecured
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.
Posted in adversary, bankruptcy, ch 13, cir 7, consumer, current-events, ED, IL, individual, ND, opinion, research, squires
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.
Posted in adversary, business, business filings, case update, ch 11, ch 7, cir 7, corporation, creditor, current-events, economics, ED, executory contract, fraudulent transfers, goldgar, IL, judge, memorandum opinion, motion, opinion, order, preference, trustee
In re Frank S. Vaccaro, 09-08674
Estate of Bartlett v. Vaccaro, 09-00476
Opinion Issued October 14, 2010
By Judge Susan Pierson Sonderby
to view and download the Opinion in .pdf format.
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.
Posted in adversary, amendment, assets, avoidance, bad faith, bankruptcy, Bankruptcy Rules, BAPCPA, ch 7, chapter 7, cir 5, cir 6, cir 9, confirmed plan, consumer, cramdown, current-events, data, discharge, dismissal, disposable, docket, due process, economics, economy, estate, Fed. R. Bankr. Proc., foreclosure, fraud, fraudulent transfers, individual, liability, Middle class, modification, mortgage, opinion, plan, property, reaffirmation, real property, state court, Westlaw
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.
Posted in adversary, appellate court, bankruptcy, business, business filings, case update, cir 2, consumer, credit, creditor, current-events, debt, default, executory contract, fair credit reporting act, FDCPA, Fed. R. Bankr. Proc., Fed. R. Civ. P., fees, individual, opinion, research, small business