⇐  2008 Index  |  ⇐  TOC  |  Next Page   ⇒

2008 NORTON BANKRUPTCY LAW SEMINAR MATERIALS

Appellate Court Decisions Related
To Bankruptcy Cases

By William Norton, III

between the debtor and creditor and even if the debt was restructured.)

65. 547(c)(4) Preference -- New Value

In re Globe Bldg. Materials, Inc., 484 F.3d 946 (7th Cir. May 4, 2007) (An equipment manufacturer sued by the Trustee for recovery of a preferential payment could not claim that its subsequent partial shipment of equipment components to the debtor constituted new value, because at the time of the payment, the manufacturer was obligated to ship the components.)

In re ABC-Naco, Inc., 483 F.3d 470 (7th Cir. Apr. 9, 2007) (Unsecured creditors could avoid as preferential transfers a debtor's payments for Microsoft software during the 90 days prior to its bankruptcy filing. Debtor's continued use of the software following the payments did not constitute "new value" pursuant to S 547(c)(4), because the software vendor did not have the power to revoke the debtor's software license in the event of default.)

66. 548(a)(2) Fraudulent Transfers

In re First Alliance Mortgage Company, 471 F.3d 977 (9th Cir. Dec. 8, 2006) (District court did not abuse its discretion in denying the Trustee's fraudulent transfer adversary proceeding against, and motion to subordinate the claim of, debtor's lender and underwriter.)

67. 549 Post-Petition Avoidance

In re Johnson, 501 F.3d 1163 (10th Cir. Aug. 28, 2007) (Bankruptcy court properly avoided retailer's lien, which retailer attempted to perfect postpetition without obtaining relief from the stay.)

In re Miller, 454 F.3d 899 (8th Cir. July 21, 2006) (At post-petition foreclosure sale of real property initiated by homeowner's association, purchaser without relief from stay or notice of bankruptcy may be protected by S 549(c). That exception to the automatic stay protects those who buy real property for its "present fair equivalent value," which is a more exacting standard than "reasonably equivalent value.")

68. 550(a) Avoidance - Recovery

In re Hechinger Investment Company of Delaware, Inc., 489 F.3d 568 (3d Cir. June 7, 2007) (The Third Circuit remanded the issue of prejudgment interest pursuant to S 550(a), because prejudgment interest must be awarded unless there is a sound reason not to do so, and no reason was given for the

 

⇐  2008 Index  |  ⇐  TOC  |  Next Page   ⇒

Copyright 2007 Norton Institutes