Monthly Archives: March 2013

Secured Claims: What Does it Take to Extinguish a Lien Through a Plan?

In re Omega Optical, Inc., 476 B.R. 157 (Bankr. E.D.Pa. 2012) – A bank filed a proof of claim in a bankruptcy that erroneously identified its claim as unsecured.  After confirmation of a chapter 11 plan of reorganization that treated the claim … Continue reading

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Priority Fight: Equipment Vendor Takes On Mortgagee

MTGLQ Investors, LP v. Bresco Solutions, LLC (In re Marvel Cliff Crossing Apartments, LLC), 484 B.R. 175 (Bankr. S.D. Ohio 2012) – In Marvel Cliff, an equipment vendor sold and installed security cameras and wireless internet access equipment together with related … Continue reading

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Mortgagee “Cramdown”: Sometimes You Just Can’t Win

Fed. Nat’l Mortgage Ass’n v. Village Green I, GP, 483 B.R. 807 (W.D. Tenn. 2012) – Fannie Mae objected to a “cramdown” plan of reorganization, arguing that (i) the accepting class of creditors was artificially impaired, (ii) the modification of its … Continue reading

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Sales “Free and Clear”: What is an “Interest”?

In re Mundy Ranch, Inc., 484 B.R. 416 (Bankr. D. N.M. 2012) – In Mundy Ranch, a corporate debtor moved to sell real estate that it owned free and clear of interests under Section 363(f) of the Bankruptcy Code.  A … Continue reading

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Mortgagee Standing: This Time MERS Is Not The Problem (a/k/a Sloppy Securitization Procedures Strike Again)

In re Idicula, 484 B.R. 284 (Bankr. S.D. N.Y. 2013) – A servicer acting on behalf of U.S. Bank National Association, as trustee on behalf of holders of asset backed pass-through certificates, moved for relief from the automatic stay in order to … Continue reading

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Deed in Lieu: Sometimes It Works, and Sometimes It Doesn’t (Round 2)

In re Kaltenheuser, 474 B.R. 305 (Bankr. D. D.C. 2012) – In Kaltenheuser, a deed in lieu of foreclosure was executed and placed in escrow in connection with a settlement agreement approved by a state court order.  If the mortgagor failed … Continue reading

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Deed in Lieu: Sometimes It Works, and Sometimes It Doesn’t (Round 1)

4100 West Grand LLC v. TY Grand LLC (In re 4100 West Grand LLC), 481 B.R. 444 (Bankr. N.D. Ill. 2012) – In West Grand the debtor attempted to have a deed in lieu of foreclosure set aside as a fraudulent … Continue reading

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