BANKRUPTCY LAW CASES

• In re: Bd. of Dir. of Telecom Argentina, S.A.
• Coury v. Moss
• In re: United Producers, Inc.
• In re: Parmenter
• In re: Patch

U.S. 2nd Circuit Court of Appeals, May 29, 2008
In re: Bd. of Dir. of Telecom Argentina, S.A., No. 06-5640
In a case involving an investor's challenges to a major Argentine telecommunications company's financial restructuring plan, the judgment is affirmed where the bankruptcy court did not abuse its discretion in: 1) confirming a petition recognizing the restructuring plan and extending comity to Argentine legal proceedings based on its finding that those proceedings did not violate U.S. public policy considerations manifested in the Trust Indenture Act of 1939, the best interests of the creditor test, or the good-faith requirement provided for in the Bankruptcy Code; nor 2) denying additional discovery or expert testimony in light of the reasonably sufficient testimonial and documentary evidence from both parties. Read more...

U.S. 5th Circuit Court of Appeals, May 29, 2008
Coury v. Moss, No. 07-30335
In an interlocutory appeal in a shareholder derivative action, partial summary judgment for plaintiff holding that he had not sold or transferred his stock to anyone in violation of defendant's right of first refusal is affirmed where the transaction between plaintiff and a third party was merely an exchange and not a sale as defined by law where the plaintiff received a release or discharge of the bankruptcy estate's interest or advance claim on the stock in exchange of an assignment of future profits. Read more...

U.S. 6th Circuit Court of Appeals, May 28, 2008
In re: United Producers, Inc., No. 06-4429
Dismissal of creditors' appeal of a bankruptcy court's plan confirmation orders is affirmed on grounds of equitable mootness where: 1) creditors' failure to obtain a stay of the implementation of a confirmation plan weighed towards denying an appeal on equitable mootness grounds; 2) the plan had progressed to such a point where it had been substantially consummated; and 3) granting creditors' relief would negatively affect the success of the plan and harm innocent third parties. Read more...

U.S. 6th Circuit Court of Appeals, May 30, 2008
In re: Parmenter, No. 07-1262
In a bankruptcy case, denial of lessor-creditor's motion for administrative expenses arising from debtors' default on a lease that they assumed direct responsibility for paying as part of their Chapter 13 plan is affirmed where the claim was barred by res judicata because the bankruptcy plan did not obligate the estate to pay for debts personally assumed by the debtors. Read more...

U.S. 8th Circuit Court of Appeals, May 29, 2008
In re: Patch, No. 07-1003
In bankruptcy proceedings, a decision affirming sua sponte entry of summary judgment in favor of father, the trustee for the heirs and next of kin of his child who was murdered by debtor-mother's boyfriend, is reversed where the bankruptcy court and BAP both erred by concluding that mother's debt, resulting from her role in the child's death, was nondischargeable as a matter of law. Read more...