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A plan saying that it satisfies and settles claims does nothing more than discharge the claims. It doesn’t extinguish the claims, the Fifth Circuit says.
In New Jersey, a trustee’s hypothetical judicial lien has priority over a judgment lien if the judgment lienholder has not made a levy on the property.
Long Island’s Judge Grossman warns lawyers that they may be paid nothing if they file chapter 11 cases just to delay a secured creditor, with no legitimate strategy for selling the property, refinancing or confirming a plan.
Following the 2005 amendments, satisfying either the subject test or the objective test will prove the ‘ordinary course’ defense to a preference, Judge Hoffman says.