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Bar News - October 17, 2008


US Bankruptcy Court Opinion Summaries

Note: The full text of the opinions below are available on the Bankruptcy Court’s website at www.nhb.uscourts.gov

Pysz v. Hawkins (In re Pysz), 2008 BNH 004, decided 5/7/08 (Vaughn, C.J.), unpublished (granting summary judgment in favor of the plaintiffs in their preference avoidance action and avoiding the defendant’s judicial lien pursuant to 11 U.S.C.§ 547(b) because there is no genuine issue that the debtor was insolvent and would receive more with the judicial lien than without the lien in a Chapter 7 case, in accordance with 11 U.S.C.§ 547(b)(3) and (5)).

In re Newfound Lake Marina, Inc.
, 2008 BNH 005, decided 5/12/08 (Vaughn, C.J.), unpublished (valuing the debtors’ marina property at its fair market value in its highest and best use as a dockominium for purposes of determining a secured creditor’s interest in such property pursuant to 11 U.S.C.§ 506(a)(1) and (b) and adopting a narrow construction of the "equities of the case" language in 11 U.S.C.§ 552(b)(1); denying the debtor’s request to borrow certain funds).

In re Martin
, 2008 BNH 008, decided 6/16/08 (Vaughn, C.J.), unpublished (sustaining the debtor’s objection to a creditor’s proof of claim on the grounds that the debtor is not personally liable for the subject claim because the claim arose in connection with a contract between the creditor and the debtor’s corporation, and the creditor failed to provide sufficient evidence for the Court to pierce the corporate veil under New Hampshire law).

In re Pittsfield Weaving Co.
, 2008 BNH 011, decided 8/15/08 (Vaughn, C.J.), unpublished (granting the United States Trustee’s motion to dismiss the debtor’s chapter 11 case pursuant to 11 U.S.C § 1112(b) because there is "cause" to dismiss or convert the case to a chapter 7 case based on the debtor’s failure to pay post-petition taxes, failure to pay insurance premiums, failure to timely file monthly operating reports, and mounting administrative debt, and there are no contravening unusual circumstances that weigh against dismissal; and finding that dismissal rather than conversion is in the best interests of the creditors and the estate because trade creditors may still want to deal with the debtor and a chapter 7 trustee will not benefit the creditors or the estate but result in additional administrative expenses).

In re Cohen
, 2008 BNH 012, decided 8/27/08 (Vaughn, C.J.), unpublished (finding that the creditor’s secured claim is oversecured under 11 U.S.C. § 506(b) and rejecting the debtor’s equitable subrogation argument because the debtor lacks standing to raise the issue and the alleged subrogee did not pay a debt to the creditor on behalf of the debtor).

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