A Chapter 11 trustee was appointed to operate the business. The court subsequently granted trustee's motion to remove company's president, as there were concerns over use of assets as well as a lack of "united objectives" in dealing with third parties
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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.
District court opinion overruling the BK court opinion reported at 5 B.R. 752. According to the Eighth Circuit decision of Tenney v. Terry, 630 F.2d 634 (8th Cir. 1980), zero-payment Chapter 13 plans are not proposed in good faith & cannot be confirmed
Relief from the stay was granted to a secured creditor because the debtor trucking company could not adequately protect the creditor's collateral. Assets continued to depreciate while the debtor was unlikely to operate in the near future
The court approved fee application for attorney fees of creditors who filed an involuntary petition against the debtor. The court overruled the debtor's objection, noting that the fees would have been lower had the debtor not resisted the petition
The attorneys for the debtor-in-possession were entitled to fees and expenses, even though the case was subsequently converted from a Chapter XI to a "straight bankruptcy," because their efforts preserved assets and provided benefit to the estate
Reported at 9 B.R. 278. Debtor's "assignment of real estate equity and promissory note" to bank created a recordable interest and clearly showed an intent to create a lien on the land, so the trustee's interest was subordinate to the bank's mortgage
Younker's wanted a debt excepted from discharge under sec. 523(a)(2), believing debtor went on a spending spree with his charge card in anticipation of bankruptcy & incurred charges with no intent to pay them. The court found no such evidence of intent
Court ruled that a lender was not entitled to relief from stay under section 1301(a) to pursue a non-debtor co-signer who received no proceeds or actual economic benefit from the loan. Moreover, the debtor is operating under a pay-in-full Chap. 13 plan
Court overruled secured creditor's objection to Chap. 13 plan, holding that the debtors need pay only the allowed amount of the claim (the fair market value of the collateral), rather than the full amount owed on the finance company's recourse obligation
Court held that Chapter 13 plan must be amended to provide for cure of mortgage default within statutory three-year period. Lender's refusal of one delinquent payment was not a waiver of its right to receive delinquent payments and late payment charges