This article is the second in a series of articles discussing 363(n) and collusion in bankruptcy sales. It will discuss the fine line between collusion and collaboration, and will explore the application of the specific elements of a 363(n) action.
The wrongdoer has absconded with millions of dollars. Bad news – your defendant is out of the country, you don’t know where or whether there are assets. In today’s global business environment, this situation is becoming increasingly common.
Adrian Wright seemed to be a typical chapter 13 debtor. She filed her case, sought confirmation of her plan and life was moving along normally. Later on, Adrian stopped paying her payments to the chapter 13 trustee. So, as expected, the chapter 13 trustee moved to dismiss the case.
The Commercial Fraud Task Force Committee held a meeting at the ABI Winter Leadership Conference on Friday, Dec. 7, 2007.
ABI's 26th Annual Spring Meeting, the networking and CLE event of 2008, will be held April 3-6 at Washington, D.C.'s Renaissance Hotel in the Nation's Capital! Join us during cherry blossom season for exciting and informative sessions, including a luncheon keynote by Supreme Court Justice Samuel A. Alito, Jr.
At the Winter Leadership Conference, the Bankruptcy Litigation Committee and the Commercial Fraud Task Force presented a joint program in the form of a mock hearing on a motion to appoint a trustee. The co-chair of the Litigation Committee, Judge Barry Russell, presided, and kept all attendees (and presenters) in suspense until the conclusion of the hearing. Dramatic testimony was offered by Cyrus Pardiwala, playing the CPA for the moving party seeking the trustee and also the evil twin CPA for the Debtor seeking to remain in possession.
This article is the first in a series of articles discussing §363(n) and collusion in bankruptcy sales. Subsequent articles will discuss the fine line between collusion and collaboration, and will explore the application of the specific elements of a §363(n) action.
On Aug. 31, 2007, the U.S. Bankruptcy Court for the Southern District of New York (Hon. James M. Peck, presiding) issued its “Opinion Regarding Insolvency and Unreasonably Small Capital” in the Iridium case. Statutory Committee of Unsecured Creditors v. Motorola Inc. (In re Iridium Operating LLC), 373 B.R. 283 (Bankr. S.D.N.Y. 2007).
After Rica Chamberlain, former counsel for bankrupt boy-band promoter Lou Pearlman, failed to respond to his requests for turnover of records and computer files relating to one of Pearlman’s companies and answer questions posed at 2004 examination, the trustee filed an emergency motion for contempt against her, alleging that she had failed to comply with a cour