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Showing posts in Dismissal

Third Circuit Upholds Voluntary Dismissal Order Challenged by Defendant

Carroll v. Prosser (In re Innovative Commn’c Corp.), No. 13-1324, 2014 WL 1979309 (3d Cir. May 16, 2014)

This Opinion issued by the Third Circuit on May 16, 2014 affirmed several orders of the District Court of the Virgin Islands relating to a fraudulent transfer action brought by the chapter 11 trustee of the Innovative Communication Corporation debtors (“ICC”) against Dawn Prosser.  Ms. Prosser became the subject of the action following her receipt of ICC property transferred from her husband Jeffrey Prosser, the ultimate owner and sole member of ICC.  Although a significant portion of the decision… Read More

Bankruptcy Court Permits Stipulated Dismissal Over Objection of Potential Intervenor

Tampa Port Auth. v. Taylor (In re Irish Bank Resolution Corp. Ltd.), No. 14-50084 (CSS), 2014 WL 1884916 (Bankr. D. Del. May 12, 2014)

In this Memorandum Order, the Honorable Christopher S. Sontchi allowed dismissal of an adversary proceeding by voluntary stipulation signed by the plaintiff and all defendants pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(ii).  The Court allowed the dismissal over the objection of Liberty Channelside, LLC (“Liberty”), which previously sought to intervene in the proceeding but had not yet been granted authority to do so.

By way of background, the adversary proceeding (the… 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

District Court Affirms Bankruptcy Court’s Approval of a Settlement and Structured Dismissal in the Face of an Absolute Priority Challenge

Czyzewski v. Jevic Holding Corp. (In re Jevic Holding Corp.), No. 13-104 (SLR), 2014 WL 268613 (D. Del. Jan. 24, 2014)

On January 24, 2014, Judge Sue L. Robinson affirmed a Bankruptcy Court order approving a settlement and structured dismissal of the chapter 11 cases of Jevic Holding Corp. and its affiliated debtors (the “Debtors“) in the face of a challenge by certain appellants asserting WARN claims that such settlement, among other things, violated the absolute priority rule of section 1129 of the Bankruptcy Code.  The settlement, reached among the Debtors, the… Read More