Monthly Archives: July 2014

Sale “Free and Clear”: Adequate Protection of Nothing is Nothing

In re Elk Grove Village Petroleum, 510 B.R. 594 (Bankr. N.D. Ill. 2014) – After substantially all of the debtors’ assets were sold in a bankruptcy sale, a secured lender and a state tax authority made competing claims for turnover … Continue reading

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Strong Arm Powers: For Want of An “S” the Mortgage Was Lost

Hardesty v. Mortgage Electronic Registration Systems, Inc. (In re Boothe), 510 B.R. 154 (Bankr. S.D. Ohio 2013) – A chapter 7 trustee successfully sought to avoid a mortgage using his “strong arm” powers on the basis that the mortgage was not … Continue reading

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Lease Abatement: The Act of Eliminating or Nullifying

N. Providence, LLC v. Great Atlantic & Pacific Tea Co., Inc. (In re Great Atlantic & Pacific Tea Co., Inc.), 510 B.R. 42 (S.D.N.Y. 2014) – A lease provided that if the landlord failed to pay a construction allowance when … Continue reading

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Sale Free and Clear: Permitted “Matters of Record” May Be Broader Than You Expect

In re Joan Fabrics Corp., 508 B.R. 881 (Bankr. D. Del. 2014) – The buyer of assets in a bankruptcy sale sought to enforce its asset purchase agreement against a county that was seeking to collect personal property taxes arising … Continue reading

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Homestead (And Other) Exemptions: Some Fraud Counts More Than Others

Law v Siegel, 134 Sup.Ct. 1188, 188 L.Ed.2d 146 (2014) – A bankruptcy court ordered that a debtor’s homestead exemption be surcharged to pay the attorney’s fees of a Chapter 7 incurred in overcoming the debtor’s fraud. The order was affirmed … Continue reading

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Title Insurance: May Not Solve As Many Problems As You Might Expect

Amzak Capital Mgmt. v. Stewart Title of Louisiana (In re West Feliciana Acquisition, L.L.C.), 744 F.3d 352 (5th Cir 2014) – In the context of the bankruptcy proceeding to determine the validity of a mortgage, the mortgagee filed a third-party … Continue reading

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Tortious Interference Claims: Something To Keep In Mind

Highland Capital Mgmt. L.P. v. UBS Securities, LLC (In re Lyondell Chemical Co.), 505 B.R. 409 (S.D.N.Y. 2014) – A hedge fund sued an investment bank for tortious interference based on its exclusion from participation in exit financing for a … Continue reading

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