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The Delaware Bankruptcy Insider is a premier blog designed to bring its readers a comprehensive analysis of the latest Delaware corporate bankruptcy news and rulings.  Brought to you by Ashby & Geddes, P.A.

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Third Circuit Upholds Bankruptcy Court’s Approval of 9019 Settlement – Acknowledges Court’s Bank of Knowledge Gathered Throughout a Bankruptcy Case

Mangano v. ID Liquidation One, LLC (f/k/a Indianapolis Downs, LLC), No. 13-3386, 2014 WL 6155944 (3d Cir. Feb. 19, 2014)

In this non-precedential Opinion, the Third Circuit was faced with an appeal of an order entered by the District Court, affirming a Bankruptcy Court order, pursuant to Bankruptcy Rule 9019, approving a settlement between a set of long-standing litigants – the debtors, Indianapolis Down, LLC (n/k/a ID Liquidation One, LLC) and Indiana Downs Capital Corp. (n/k/a ID Liquidation Two, Inc.) (collectively, the “Debtors”), on one hand, and Power Plan Entertainment Casino Resorts… Read More

Fisker’s Capped Credit Bidder is Denied Interlocutory Appeal and Direct Certification to the Third Circuit

Hybrid Tech Holdings, LLC v. Official Committee of Unsecured Creditors (In re Fisker Automotive Holdings, Inc.), No. 14-99 (GMS), 2014 WL 546036 (D. Del. Feb. 7, 2014); Hybrid Tech Holdings, LLC v. Official Committee of Unsecured Creditors (In re Fisker Automotive Holdings, Inc.), No. 14-99 (GMS), 2014 WL 576370 (D. Del. Feb. 12, 2014)

Chief Judge Sleet of the District Court has denied the emergency request of Hybrid Tech Holdings, LLC (“Hybrid”) for leave to appeal the Bankruptcy Court’s order capping for cause Hybrid’s credit bid as well as Hybrid’s emergency request for… Read More

District Court Certifies Estimation Appeal to the Third Circuit – Highlights Its Limited Role in Estimation Appeals

Specialty Products Holding Corp. v. Official Committee of Asbestos Personal Injury Claimants (In re Specialty Products Holding Corp.), No. 13-1244 (SLR), 2014 WL 545780 (D. Del. Feb. 7, 2014)

On February 7, 2014, Judge Sue L. Robinson of the District Court granted a motion filed by appellants, Specialty Products Holding Corp. and its affiliated debtors and debtors-in-possession, for certification of an order, which was entered by the Bankruptcy Court estimating the appellants’ liability for present and future asbestos claims asserted against the appellants’ bankruptcy estates, for immediate appeal to the Third Circuit. … Read More

Federal False Claims Act Proof of Claim Disallowed

In re ATLS Acquisition, LLC, No. 13-10262 (PJW), 2014 WL 490931 (Bankr. D. Del. Feb. 6, 2014)

In this lengthy 71-page Opinion, Judge Walsh tackled the reverse claims provision of the Federal False Claims Act, see 31 U.S.C. § 3729(a)(7) (2006), infrequently opined upon by, or relevant to, the Delaware Bankruptcy Court.  While the intricacies of the medical supply industry and its interconnectedness to the Federal government are interesting in their own right, the effects of this Opinion will not likely be wide reaching.

In short, former employees (the “Relators”) of Liberty Medical Supply,… Read More

Unconscionability Claim Dismissed; Fraudulent Transfer Claim Survives

Ritz Camera & Image, L.L.C. v. Canon U.S.A., Inc. (In re Ritz Camera & Image, L.L.C.), Adv. No. 12-50986 (KG) (Bankr. D. Del. Feb. 4, 2014)

This Memorandum Opinion opines on a routine motion to dismiss federal bankruptcy and state law claims asserted by a chapter 7 trustee against defendant Canon U.S.A., Inc. (“Canon“).  The adversary proceeding was commenced by the trustee following the 2012 filing and conversion of the chapter 11 proceedings commenced by electronics and camera merchandisers, Ritz Camera Centers and its affiliated debtors.  In connection with the debtors’ first… Read More

No “Judgment,” No Attorney Charging Lien; Claim Reclassified

In re Pallet Company LLC, No. 13-11459 (KG) (Bankr. D. Del. Feb. 4, 2014)

In this short Memorandum Opinion, the Honorable Kevin Gross ruled that, under Michigan and Arizona state law, attorney’s charging liens attach only after a judgment is final and favorable to the client.  Therefore, the claimant, who asserted a $301,000 secured claim for prepetition legal services, was entitled only to assert a nonpriority general unsecured claim.

The Debtors hired the claimant, Perkins Coie LLP, to represent them pre- and post-petition to prosecute actions against third parties for misappropriation… Read More

Pro Se Plaintiff’s Adversary Complaint Dismissed For Lack of Subject Matter Jurisdiction

Carr v. JP Morgan Chase Bank, N.A. (In re New Century TRS Holdings, Inc.), Adv. No. 13-51058 (KJC), 2014 WL 392848 (Bankr. D. Del. Feb. 3, 2014)

In this Memorandum, Judge Carey dismissed a pro se plaintiff’s adversary complaint because the plaintiff lacked standing to pursue certain claims, and the Court lacked subject matter jurisdiction to consider the remaining.  This decision serves as a reminder that every creditor or party-in-interest, regardless of their legal acumen, should seek counsel to represent them in our Court.

Here, the Court had a difficult time determining what… Read More