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In re Pacific Lumber Co., 584 F.3d 229 (5th Cir. 2009). Plan providing for sale of collateral without permitting secured creditors a right to credit bid provided secured creditors indubitable equivalent by paying them cash equal to the judicially determined valuation of the collateral. Query: why didn't they simply make the § 1111(b) election if they wanted to block this sale. Accord, In re Philadelphia Newspapers, LLC, 599 F.3d 298 (3d Cir. April 1, 2010).
Good v. RMR Investments, Inc., 2010 WL 1233553 (E.D. Tex. March 31, 2010). Till's footnote 14 does not require use of prime plus formula approach to determine interest rate in chapter 11, and fact that Till is a plurality opinion provides bankruptcy courts "some latitude" in method of determining interest rates in chapter 11, so bankruptcy court did not err is adopting presumptive default contract rate approach for a solvent debtor wherer 15% rate would not reduce amount paid to any other creditors but merely reduce debtor's equity.
In re Shat, 2010 WL 702443 (Bankr. D. Nev. March 19, 2010). Adopting the broader interpretation, the court concludes that § 1129(b)(2)(B)(ii)'s reference to "property included in the estate under section 1115" includes all property of the estate, not just postpetition income from services. Effectively, this means the absolute priority rule does not apply to individual chapter 11 debtors after BAPCPA. But rejection of plan by a class of creditors does not invoke § 1129(a)(15), the means test, unless a creditor also files an objection to the plan in addition to his ballot rejecting the plan. TC "12.6 Unsecured Claims/Unfair Discrimination/Absolute Priority" \f C \l "2"
In re Ingersoll, Inc., 562 F.3d 856 (7th Cir. 2009). Narrowly tailored third party release that is essential to the reorganization plan as a whole is permissible under the "residual
authority" provided by §§ 105 and 1123(b)(6), following Airadigm, 519 F.3d 640 (7th Cir. 2008).
In re TCI 2 Holdings, LLC, 2010 WL 154115 (Bankr. D.N.J. April 12, 2010). Where both
©2010 Randolph J. Haines
