The bankrupt Hollywood special-effects company said its lenders will provide about $11.8 mln of debtor-in-possession financing.
In re Kelson (Bankr. S.D. Fla.)
OPINION – Debtor’s condominium association approved a special assessment before debtor filed for bankruptcy. Debtor had filed before payment was due. The association argued the debt was non-dischargeable under 11U.S.C. 523(a), but the obligation arose when the assessment was approved, regardless of the due date. The assessment was an unsecured pre-petition debt.
Heartland Mem. Hosp. LLC v. McGuireWoods LLP (N.D. Ind.)
OPINION – After Heartland’s bankruptcy, it sued McGuireWoods for legal malpractice. But the firm was hired by Heartland’s parent company to represent the parent company. Heartland may have considered the firm to be its counsel, but has produced no evidence that the firm believed it represented Heartland. Complaint dismissed without prejudice.
In re Fisette (8th Cir.)
OPINION – Fisette appealed the bankruptcy court’s denial of confirmation of a Chapter 13 plan that would have stripped off second and third mortgage liens. The B.A.P. reversed, ruling the strip-offs were permissible. The trustee and banks appeal the B.A.P. decision, but it is not a final order under 28 U.S.C. 158(d)(1), so the 8th Circuit lacks jurisdiction.
A sale of more than 1,000 patents, which the bankrupt company has said were worth as much as $2.6 bln, has been a key element of its plans to repay creditors.
Prosecutors who met with the bankrupt firm's former CEO, Jon Corzine, gained little new information, suggesting that criminal charges may not be filed.
Lawyers for Jefferson County, which has exclusive rights to propose an adjustment plan, say the county's finances are deeply tangled and require more time to be sorted out.
A bankruptcy judge has approved a snap auction of the special-effects company, which won an Academy Award for "Titanic."
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