The court held that a Chapter 11 trustee should be appointed in light of the current managers' gross mismanagement of the debtor in possession's affairs, including failure to account for assets, transfers to insiders, and payment of pre-petition debt
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Opinions
United States Courts Opinions (USCOURTS) collection is a collaborative effort between the U.S. Government Publishing Office (GPO) and the Administrative Office of the United States Courts (AOUSC) to provide public access to opinions from selected United States appellate, district, and bankruptcy courts.
The District of Nebraska offers a database of opinions for the years 1997 to current, listed by year and judge. For a more detailed search, enter the keyword or case number in the search box above.
Absent competent evidence of special circumstances affecting valuation, the value of a debtor's fractional interest in real estate is equal to its proportionate part of the value of the whole, without reduction for potential costs of partition.
The district court dismissed two of the debtors' appeals as moot, and dismissed the third appeal on the grounds that the bankruptcy court's denial of the debtors' motion to impose sanctions for violating the automatic stay was not clearly erroneous.
On appeal, the district court dismissed an appeal that was both interlocutory and moot, ruled that the appeal of the dismissal of one debtor's case was moot, and affirmed the denial of another debtor's motion for contempt sanctions against a creditor
Nebraska law allows post-judgment interest to be collected on unsatisfied debts; changes in the statutory interest rate do not affect the underlying right, so debtor's plan must include payment of interest at the statutory rate to judgment creditors
For bank's wrongful set-off, the creditor could recover the lowest intermediate balance of commingled funds, but the court found no breach of fiduciary duty by the bank & no basis for imposing a constructive trust in funds held by bankruptcy trustee.
The court overruled the defendant's request to reconsider its solvency calculation. The court found the debt at issue was properly included in the balance sheets of both this debtor and a related entity because both entities were liable for the debt
When the value of real estate is in dispute, the appraisal testimony submitted by each side should aid the court in fact-finding. Challenges to the opposing appraisal should focus on methodology and credibility, not personal attacks on the appraiser
Debtor signed "buy-out" documents with his employer a few hours after filing his Chapter 7 petition, so his right to receive payment upon ending his employment came into existence post-petition and therefore was not property of the bankruptcy estate
On appeal, the district court affirmed the bankruptcy court's order granting relief from the automatic stay for cause under § 362(d)(1) because the debtor did not insure the collateral, offer adequate protection, or file monthly operating reports.