Monthly Archives: February 2014

Bankruptcy Sales: Acquiring Related Contracts (Whether the Debtor Cooperates or Not)

Popgrip, LLC v. Brown’s Chicken & Pasta, Inc. (In re Brown’s Chicken & Pasta, Inc.), 503 B.R. 86 (Bankr. N.D. Ill. 2013) – A debtor who was a restaurant franchisor sold substantially all of its assets in a bankruptcy auction.  The … Continue reading

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Bankruptcy Sales: “Free and Clear” – Round 2

In re Christ Hospital, 502 B.R. 158 (Bankr. D. N.J. 2013) – The buyer of a chapter 11 debtor’s assets sought to enforce a bankruptcy court order approving the sale “free and clear” of interests:  it asked the bankruptcy court to enjoin … Continue reading

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Bankruptcy Sales: “Free and Clear”… Or Not

In re Hassen Imports P’ship, 502 B.R. 851 (C.D. Cal. 2013) – A chapter 7 trustee sought to sell real estate “free and clear” of certain prepetition contracts and covenants between the debtor and a city, as successor of a redevelopment agency.  … Continue reading

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Delinquent Property Tax Sales (Again): “Reasonably Equivalent Value” – No Way, No How

County of Clinton v. Warehouse at Van Buren Street, Inc., 492 B.R. 278 (N.D.N.Y. 2013) – A chapter 11 debtor sought to recover real estate that was transferred prepetition to the county following the debtor’s default in a property tax foreclosure proceeding.  … Continue reading

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Chapter 11 Claim: Nonrecourse + No Equity = Disallowed Claim… Or Maybe Not

In re B.R. Brookfield Commons No. 1 LLC, 735 F.3d 596 (7th Cir. 2013) – A chapter 11 debtor sought to disallow the claim of a second mortgagee that held a nonrecourse loan that was totally underwater (i.e., the property was worth … Continue reading

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Mortgage “Strip Off” in Chapter 7: Dewsnup Fails to Prevail – Go Figure

McNeal v. GMAC Mortgage, LLC (In re McNeal), 735 F.3d 1263 (11th Cir. 2012) – A chapter 7 debtor sought to “strip off” the second mortgage lien on her home.  The bankruptcy and district courts declined, and the debtor appealed to … Continue reading

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Untimely Secured Proof of Claim: The Ghost of Dewsnup May Save the Day

Shelton v. Citimortgage, Inc. (In re Shelton), 735 F.3d 747 (8th Cir. 2013) – A secured creditor holding a mortgage on the residence of two chapter 13 debtors filed a proof of claim almost seven months after the claims bar date.  The … Continue reading

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