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Bankruptcy News Financial Services [11/26] PrivateBancorp, Inc. to Present at the JPMorgan SMid Cap Conference [11/26] Spansion to Present at Upcoming Investor Conference More... Services [11/26] 'Doris TheSaurus': Colorful New Book Teaches Students How to Use a Thesaurus to Improve Reading and Writing Skills [11/26] Yingli Green Energy Reports Third Quarter 2008 Results More... Business [11/25] Analysis: Geithner is already shaping the economy [11/25] Seuss lawyers stop holiday Who-ville in Louisville More... Mergers and Acquisitions [11/24] Coachmen to Host Conference Call on December 1, 2008 [11/20] More... Top Headlines [12/01] Obama announces Clinton, Gates for Cabinet [12/01] High court turns down pipeline company appeal More... Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP materials nor any portion thereof may be stored in a computer except for personal and non-commercial use. Users may not download or reproduce a substantial portion of the AP material found on this web site. AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. Case Summaries Bankruptcy Law [11/24] Spencer v. Marshall In a Chapter 13 bankruptcy matter, decision finding defendant was an equity purchaser and plaintiff was an equity seller and therefore the transaction came under the protection of the Home Equity Sales Contract Act (HESCA) is affirmed over claims of error that: 1) plaintiff's sale of property to individual as his assignee was outside the scope of HESCA; and 2) the sale fell under the exceptions to an equity purchaser set forth in section 1695.1 subdivisions (a)(4) and (a)(5). [11/24] Baldi v. Samuel Son & Co., Ltd. In a bankruptcy action involving the Uniform Fraudulent Transfer Act, which allows a trustee in bankruptcy to avoid transfers made by the bankrupt if the debtor was insolvent on the date of the transfer, ruling for the debtor is affirmed where: 1) a company has enough capital to be able to maintain operations until the end of the curtailment period and then to reopen and operate it until it earns substantial revenue; and 2) undercapitalization is not insolvency. [11/24] LPP Mortgage, Ltd. v. Brinley In a bankruptcy matter, court order allowing trustee to revoke his abandonment of defendants' real property is affirmed where: 1) the trustee was entitled to relief under Fed. R. Civ. P. 60(b)(5) and (6) "based on principles of equity, and the windfall to the debtors and the junior lienholders [if the abandonment were not revoked]; and 2) the bankruptcy court did not abuse its discretion in determining that the equities weighed in favor of revoking the abandonment. [11/24] LPP Mortgage, Ltd. v. Brinley In a bankruptcy matter, court order allowing trustee to revoke his abandonment of defendants' real property is affirmed where: 1) the trustee was entitled to relief under Fed. R. Civ. P. 60(b)(5) and (6) "based on principles of equity, and the windfall to the debtors and the junior lienholders [if the abandonment were not revoked]; and 2) the bankruptcy court did not abuse its discretion in determining that the equities weighed in favor of revoking the abandonment. [11/17] Busseto Foods, Inc. v. Laizure In a bankruptcy case in which debtor had embezzled and subsequently repaid funds from his employer, and employer had later been required to return those funds to the bankruptcy estate, dismissal of employer's complaint alleging that it had a nondischargeable claim against debtor is reversed where a creditor that is required to return to the trustee a payment from the debtor made within the ninety-day preference period still maintains a claim against the debtor for a nondischargeable claim. More... |
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