The government says it will appeal the ruling as the plan improperly provided $341 mln in tax breaks to Argonaut Private Equity and Madrone Capital Partners.
In re 4100 West Grand LLC (Bankr. N.D. Ill.)
OPINION – Creditor recorded a deed in lieu of foreclosure, and the trustee moved to avoid the transfer as fraudulent. Debtor received value when the indebtedness was excused, but was the value reasonably equivalent under section 548? Yes: gross inequivalence can be reasonable equivalence. The dollar amounts are not the only circumstances to be considered.
In re Kimmell - (Bankr. N.D. Ill.)
MEMORANDUM OPINION - Debtor and wife divorced 1½ years prior to his filing bankruptcy. Trustee claiming unequal property settlement constituted fraudulent transfer failed to demonstrate fraudulent intent or that debtor made a transfer for less than reasonably equivalent value.
In re Cerullo (Bankr. M.D. Pa.)
OPINION - Bankruptcy Court allowed modification of Chapter 13 plan. Debtor had made payments based on estimate of estate, which significantly over-valued parcel of real property. Section 1325(a)(4) did not require the court to maintain liquidation analysis as of effective date of the plan.
The company, best known for tailoring suits for U.S. presidents, sought approval for a 'stalking horse bid' from Authentic Brands Group.
The Californian city of about 28,000 residents faces a budget gap of more than $3 mln and could become the fourth city in the state to seek Chapter 9 protection.
Since July 31, the Californian city has failed to make six biweekly employer contribution payments of more than $1 million to the state's powerful public employee pension fund.
The commission held its first in a series of hearings to gather feedback on what is right and wrong with the statutory scheme that has governed Chapter 11 bankruptcy since 1978.
Retired coal miners said they will target former employers, Peabody Energy and Arch Coal, to pay their healthcare costs if bankrupt Patriot Coal cannot.
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