The debtor's managing member and guarantor of its debt objected to the manner in which the primary secured creditor disposed of the debtor's assets. The movant objected to the creditor's proof of claim, arguing that the disposition was not commercially reasonable because the assets were not offered to industry buyers and because the creditor ignored the movant's competing bid and the possibility of an even higher third-party bid. The court determined that the validity and amount of claim as of the petition date were not in dispute, but the movant was contesting the amount of the claim in light of post-petition events. The court ruled that the matter should be heard as an adversary proceeding and deferred the claim objection pending the outcome of the adversary proceeding.
Date:
Friday, December 4, 2015
Judge:
Judge Thomas L. Saladino