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Topic: Asset Sales

Spice 4 Life v. Rund (In re Jawa) ** Not For Publication **

Citation: 
Spice 4 Life v. Rund (In re Java) B.R. (9th Cir. B.A.P. December 4, 2015)
Ruling: 
** Not For Publication ** The Bankruptcy Appellate Panel for the Ninth Circuit held Spice 4 Life's claims were moot because it did not oppose a Trustee's Motion to Revoke a Living Trust which explicitly stated the property at issue ...
Judge(s): 
KURTZ, KIRSCHER and TAYLOR, Bankruptcy Judges
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Ferrante v. Casey (In re Ferrante)

Citation: 
In re Ferrante, No. CC-14-1222-KiTaPa (9th Cir. B.A.P. Aug. 26, 2015).
Ruling: 
A qualified personal residence trust (“QPRT”) fails, and its assets revert to the grantor and become property of the estate upon the grantor’s bankruptcy, if the trust contains a prohibited “buy-back” provision. Not-for-publication memorandum.
Judge(s): 
Ralph B. Kirscher, Laura S. Taylor, and Jim D. Pappas, Bankruptcy Judges.
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Moser, et al. v. Schachar (In the Matter of Thaw)

Citation: 
CTA5 No. 15-40321
Ruling: 
Because Texas Property Code section 52.042 did not affect the lienholder's status until after the bankruptcy, and must be read in conjunction with section 52.043, which creates an exception for abandoned or exempted property from the effects of 52.042, the ...
Judge(s): 
Before REAVLEY, ELROD and HAYNES, Circuit Judges.
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In re Revel AC, Inc., et al.

Citation: 
In re Revel AC, Inc., et al. (3d Cir. 15-1253, Sept. 30, 2015)
Ruling: 
Third Circuit reversed the District Court's denial of IDEA Boardwalk, LLC's ("IDEA") motion for stay pending appeal with respect to the portion of the Bankruptcy Court's sale order that allowed the debtor, Revel AC, Inc. ("Debtor") to sell its casino ...
Judge(s): 
Ambro, Schwartz and Krause
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TMC Areospace, Inc v. Joseph (In re Ice Management Systems)

Citation: 
BAP 9th Cir. no. CC-14-1046
Ruling: 
In an unpublished decision, the 9th Circuit BAP affirmed the ruling of the Bankruptcy Court for the Central District of California that the moneys received from the sale of estate assets subject to existing liens and encumbrances are not subject ...
Judge(s): 
Kirscher, Kurtz, Davis
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Latus v. Shumate Spokane, LLC (In re Shumate Spokane, LLC)

Citation: 
Latus v. Shumate Spokane, LLC (In re Shumate Spokane, LLC), BAP No. EW-14-1302-TaPaJu, 2015 WL 5013358 (B.A.P. 9th Cir. Aug. 25, 2015)
Ruling: 
Affirming the bankruptcy court, the Bankruptcy Appellate Panel for the Ninth Circuit held that (1) the debtor’s former employees’ claim seeking to surcharge the debtor’s secured lenders under section 506(c) of the Bankruptcy Code must be dismissed under Rule 12(b)(6) ...
Judge(s): 
Taylor, Pappas, Jury, Bankruptcy Judges
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In re ICL Holding Company, Inc., et al

Citation: 
Case No. 14-2709 (3d Cir. Sept. 14, 2015)(PRECEDENTIAL)
Ruling: 
United States Trustee's appeal from orders approving sale and settlement were not constitutionally, statutorily or equitably moot. Constitutional mootness only applies where it is impossible to grant any effectual relief. Although prospect of recovery is remote, it is not ...
Judge(s): 
Ambro (author), Fuentes, Roth
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Petfinders, L.L.C. v. Chapter 11 Trustee Sherman (In The Matter of Ondova Ltd. Co.)

Citation: 
Fifth Circuit Court of Appeals; No. 13-10120
Ruling: 
The plain language of section 363(m) prevents an appellate court from granting effective relief in cases challenging bankruptcy court orders authorizing the sale of property of the estate to a good-faith purchaser, “whether or not such entity knew of the ...
Judge(s): 
Before JOLLY, HIGGINBOTHAM, and DAVIS, Circuit Judges.
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Allen v. Absher (In re Allen)

Citation: 
Allen v. Absher, et al. (In re Allen), No. 14-1242 (10th Cir. May 27, 2015)
Ruling: 
The 10th Circuit affirmed the U.S. District Court for the District of Colorado, which affirmed the bankruptcy court's order approving the sale of debtor's stock in two oil companies to a creditor. The 10th Circuit found that debtor had not ...
Judge(s): 
Briscoe, Lucero, Matheson
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Rose v. Gottlieb (In re Khalil)

Citation: 
Ninth Circuit Bankruptcy Appellate Panel Case No. CC-14-1253-KiKuD (May 11, 2015)
Ruling: 
In the unpublished Ninth Circuit Bankruptcy Appellate Panel ("BAP"), two issues were presented on appeal. First, did the bankruptcy court err is granting the Chapter 7 Trustee's partial summary summary under Fed.R.Bankr.P. Rule 7056? The BAP affirmed the ...
Judge(s): 
KIRSCHER, KURTZ and DUNN, Bankruptcy Judges.
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