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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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Mortgage Borrower’s Claim Against New Century for “Mortgage Fraud” Disallowed and Expunged

In re New Century TRS Holdings, Inc., Case No. 07-10416 (KJC) (Bankr. D. Del. Apr. 10, 2014)

On April 10, 2014, the Honorable Kevin J. Carey issued a Memorandum sustaining an objection to a proof of claim filed by a pro se mortgage borrower (the “Claimant”) in the bankruptcy proceeding of New Century Mortgage Corporation (“New Century”).  This is Judge Carey’s third opinion in recent months denying pro se borrower claims in New Century.  A joint summary of the two other opinions may be found here.

The Claimant filed proof of its claim (the… Read More

Subsidiary Can Exercise Actual Control Over Parent Sufficient to Create a Fiduciary Relationship Says Bankruptcy Court

Burtch v. Owlstone, Inc. (In re Advance Nanotech, Inc.), Adv. No. 13-51215 (MFW), 2014 WL 1320145 (Bankr. D. Del. Apr. 2, 2014)

On April 2, 2014, the Honorable Mary F. Walrath issued a Memorandum Opinion denying a motion to dismiss brought by a non-debtor subsidiary challenging breach of fiduciary duty claims asserted by a chapter 7 trustee on behalf of a bankrupt-parent.  In doing so, the Court made an interesting (and perhaps controversial) conclusion – it is possible for a subsidiary to exercise actual control over its parent sufficient to create a fiduciary obligation.

In 2004, Advance… Read More

Bankruptcy Court’s Careful Consideration of Settlement’s Broad Benefit Recognized by District Court

CFI Class Action Claimants v. Singley (In re SCH Corp.), No. 12-1576 (SLR), 2014 WL 1340234 (D. Del. Apr. 2, 2014)

On April 2, 2014, the Honorable Sue L. Robinson of the District Court affirmed an oral ruling of the Bankruptcy Court, approving a post-confirmation settlement reached between SCH Corp., American Corrective Counseling Services, Inc., and ACCS Corp. (together, the “Debtors”) and Carl Singley (“Singley”) (the disbursing agent, litigation designee, and responsible officer for the Debtors), on one hand, and Levine Leichtman Capital Partners III, L.P. (“LLCP”) (the Debtors’ prepetition secured lender and acquirer… Read More

Bankruptcy Court Dismisses Single Asset Case For Cause, Possibility of Refiling Left Open

In re PEM Thistle Landing TIC 23, LLC, Case No. 13-13273 (KG), 2014 WL 1319183 (Bankr. D. Del. Apr. 2, 2014)

In this Memorandum Opinion, Judge Gross dismissed the single asset chapter 11 bankruptcy case of PEM Thistle Landing TIC 23 (the “Debtor”) for cause, but did not make a finding of bad faith because the Debtor’s commencement of its proceeding to preserve its sole asset from foreclosure constituted a valid business purpose underlying the filing.

On December 17, 2013, the Debtor filed its voluntary chapter 11 petition to stop the foreclosure sale of commercial property (the “Property”)… Read More