BENCH MEMORANDUM DETERMINING TRUSTEE'S MOTION FOR ENTRY OF AN INJUNCTION BURTON R. LIFLAND, Bankruptcy Judge. Before the Court is the motion (the "Motion") of Irving H. Picard, Esq. (the "Trustee" or "Picard"), trustee for the substantively consolidated Securities Investor Protection Act 1 ("SIPA") liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS") and Bernard L. Madoff ("Madoff"), pursuant to sections 362(a) and 105(a) of title 11 of the United States Code, 11 U.S.C....
BURTON R. LIFLAND, Bankruptcy Judge. BENCH MEMORANDUM DECISION AND ORDER PERMISSIVELY ABSTAINING FROM ADJUDICATING THE MOTION OF MAHLE ENGINE COMPONENTS USA, INC. TO ENFORCE THE SALE ORDER Before the Court is the motion (the " Motion ") of MAHLE Engine Components USA, Inc. (" MAHLE ") pursuant to the Asset Purchase Agreement 1 seeking an order enforcing this Court's Sale Order 2 by finding that MAHLE did not assume liability for early retirement benefits, prohibiting parties from asserting...
MEMORANDUM DECISION CONFIRMING THE TRUSTEE'S DETERMINATION OF CLAIMS RELATING TO TBA CONTRACTS JAMES M. PECK, Bankruptcy Judge. Introduction James W. Giddens (the "Trustee"), as trustee for the liquidation of Lehman Brothers Inc. ("LBI") under the Securities Investor Protection Act of 1970, as amended ("SIPA"), has brought a motion (the "Motion," ECF No. 4360) to confirm his determination that certain claims relating to TBA contracts do not qualify as customer claims against LBI's estate....
MEMORANDUM OF DECISION ON MEMPHIS HOLDINGS LLC'S MOTION TO DISMISS ROBERT D. DRAIN, Bankruptcy Judge. In this adversary proceeding, the plaintiff, as trustee of the Refco Litigation Trust (the "Trustee") under the confirmed chapter 11 plan of Refco Inc. and its affiliated debtors, including the alleged transferor under the Trustee's complaint, Refco Group Ltd., LLC ("RGL"), has sought to avoid and recover various alleged fraudulent transfers, as well as related relief on unjust enrichment...
MEMORANDUM DECISION AND ORDER REMANDING ADVERSARY PROCEEDING TO STATE COURT BURTON R. LIFLAND, Bankruptcy Judge. This is a confirmed chapter 11 plan with a liquidation trust created therein. American Equities Group, Inc. ("AEG") had its Chapter 11 plan confirmed on October 20, 2008, 1 and closed on January 29, 2009. 2 The AEG liquidation trust (the "Liquidation Trust"), as plaintiff, brought suit in the New York State Supreme Court (the "State Court") against a host of defendants 3 based...
NOT FOR PUBLICATION ERRATA ORDER The Bench Decision signed on November 22, 2011 Granting the Petition for Recognition of Foreign Proceeding, ECF No. 34, is hereby corrected as follows: The last paragraph on page 9 of the bench decision is corrected by the addition of the following italicized language: Based on the record of the recognition hearing that took place on November 18, the Court grants the petition but does so with the admonition that periodic status conferences shall be held,...
CORRECTED MEMORANDUM OPINION AND ORDER DENYING MOTION FOR ORDER AUTHORIZING THE APPOINTMENT OF AN OFFICIAL COMMITTEE OF COMMODITY BROKER CUSTOMERS AND APPROVING COMPENSATION OF ALLOWED FEES AND EXPENSES OF COMMMITTEE PROFESSIONALS MARTIN GLENN, Bankruptcy Judge. Pending before the Court is the motion of certain commodity broker customers of MF Global Inc. ("MFGI"), requesting an Order Authorizing the Appointment of an Official Committee of Commodity Broker Customers and Approving Compensation...
MEMORANDUM OPINION AND ORDER DENYING MOTION FOR ORDER AUTHORIZING THE APPOINTMENT OF AN OFFICIAL COMMITTEE OF COMMODITY BROKER CUSTOMERS AND APPROVING COMPENSATION OF ALLOWED FEES AND EXPENSES OF COMMITTEE PROFESSIONALS MARTIN GLENN, Bankruptcy Judge. Pending before the Court is the motion of certain commodity broker customers of MF Global Inc. (" MFGI "), requesting an Order Authorizing the Appointment of an Official Committee of Commodity Broker Customers and Approving Compensation of...
NOT FOR PUBLICATION BENCH DECISION GRANTING PETITION FOR RECOGNITION OF FOREIGN PROCEEDING 1 JAMES M. PECK, Bankruptcy Judge. The chapter 15 petition filed on October 4, 2011 by Chetan Shah ("Mr. Shah") in his capacity as foreign representative seeks recognition as a foreign main proceeding of an insolvency proceeding voluntarily commenced in India on May 31, 2011 by Ashapora Minechem Ltd. ("Ashapura"). Ashapura is a mining and industrial business headquartered in Mumbai, India. It is a...
MEMORANDUM OF OPINION ALLAN L. GROPPER, Bankruptcy Judge. Introduction Before the Court is a motion filed by defendant T-Mobile USA, Inc. ("T-Mobile") to dismiss the amended complaint of plaintiff Empire One Telecommunications, Inc. ("EOT"), the debtor in the above-captioned chapter 11 case. EOT is a competitive local exchange carrier ("LEC"), T-Mobile is a commercial mobile radio service ("CMRS") carrier, and EOT seeks compensation for having terminated calls that T-Mobile customers made...
DECISION AND ORDER ON CROSS-MOTIONS FOR SUMMARY JUDGMENT ROBERT E. GERBER, Bankruptcy Judge. In this avoidance action adversary proceeding under the umbrella of the chapter 7 case of Magnesium Corporation of America (" MagCorp "), chapter 7 trustee Lee E. Buchwald (the " Trustee ") seeks to recover approximately $4.1 million in allegedly voidable preferential payments that had been made to the predecessor of defendant Williams Power Company, Inc. (" Williams ") for natural gas that MagCorp...
BENCH MEMORANDUM DENYING DAEWOO'S MOTION PURSUANT TO SECTIONS 105(a) AND 362 OF THE BANKRUPTCY CODE FOR AN ORDER FINDING COASTAL IN VIOLATION OF THE RECOGNITION ORDER BURTON R. LIFLAND, Bankruptcy Judge. Before this Court is the motion through order to show cause of Daewoo Logistics Corporation ("Daewoo"), pursuant to sections 105(a) and 362 of the Bankruptcy Code (the "Code"), seeking an order directing Coastal Cargo Company Inc. ("Coastal") to release $225,000 posted by Daewoo as security...
MEMORANDUM DECISION AND ORDER DENYING IN PART AND GRANTING IN PART DEFENDANTS' MOTIONS TO DISMISS TRUSTEE'S COMPLAINT BURTON R. LIFLAND, Bankruptcy Judge. Before this Court are the motions (the "Motions to Dismiss") of Mark D. Madoff 1 and Andrew H. Madoff, Peter M. Madoff, and Shana D. Madoff (the "Defendants") seeking to dismiss the complaint (the "Complaint") filed in the above-captioned adversary proceeding by Irving H. Picard, Esq. (the "Trustee," or "Plaintiff"), trustee for the...
STIPULATION AND ORDER IN CONNECTION WITH PLAINTIFFS' REQUEST FOR A TEMPORARY RESTRAINING ORDER AND PRELIMINARY INJUNCTION AGAINST NEXT JUMP, INC. MARTIN GLENN, Bankruptcy Judge. WHEREAS on August 31, 2011, Borders, Inc. and Borders Properties, Inc. (each a " Plaintiff " and collectively, the " Plaintiffs " or the " Debtors ") filed their Complaint and Memorandum of Law in Support of Plaintiffs' Request for a Temporary Restraining Order and Preliminary Injunction Against Next Jump, Inc. (...
MEMORANDUM OF DECISION ON PETITION FOR RECOGNITION AND RELATED RELIEF ALLAN L. GROPPER, Bankruptcy Judge. INTRODUCTION Before the Court are chapter 15 petitions filed by the joint liquidators (the "Liquidators" or "Petitioners") of Millennium Global Emerging Credit Master Fund Limited and Millennium Global Emerging Credit Fund Limited (respectively, the "Master Fund" and "Feeder Fund" and collectively the "Funds"), seeking recognition of Bermuda liquidation proceedings as foreign main...
MEMORANDUM OF OPINION ALLAN L. GROPPER, Bankruptcy Judge. INTRODUCTION This opinion resolves certain aspects of a dispute between Charles Russell, LLP, London, as External Administrator (the "External Administrator") of Awal Bank, BSC ("Awal Bank" or the "Debtor"), a bank in insolvency proceedings in Bahrain, and HSBC Bank USA, National Association (together with its affiliates, branches and subsidiaries, "HSBC" or "Defendant"), one of Awal Bank's largest creditors. The principal issue for...
MEMORANDUM DECISION AND ORDER DENYING DEFENDANTS' MOTIONS TO DISMISS TRUSTEE'S COMPLAINT BURTON R. LIFLAND, Bankruptcy Judge. Like Icarus, were the Cohmad Defendants singed by flying too close to the sun 1 Before this Court are the motions (the "Motions to Dismiss") of (1) Cohmad Securities Corporation ("Cohmad"), Maurice "Sonny" J. Cohn ("Sonny Cohn"), Marcia B. Cohn ("Marcia Cohn"), Milton S. Cohn ("Milton Cohn") and Marilyn Cohn; (2) Richard Spring, The Spring Family Trust and The...
NOT FOR PUBLICATION MEMORANDUM OF OPINION ALLAN L. GROPPER, Bankruptcy Judge. Eurohypo AG, New York Branch, ("Eurohypo") as the administrative agent for and on behalf of the "2006 Lenders," 1 has objected to its treatment under the Debtors' Third Amended Joint Plan of Reorganization (the "Plan") (Dkt. No. 6232). 2 The sole issue is whether the 2006 Lenders are entitled to interest on their claim for the post-petition period at the contractual default rate or the non-default rate. For the...
MEMORANDUM DECISION AND ORDER GRANTING, TO THE EXTENT SET FORTH HEREIN, TRUSTEE'S MOTION TO AFFIRM TRUSTEE'S DETERMINATIONS DENYING CLAIMS OF CLAIMANTS WITHOUT BLMIS ACCOUNTS IN THEIR NAMES, NAMELY, INVESTORS IN FEEDER FUNDS Query: Is every investor whose funds find their way directly or indirectly into the nefarious clutches of Madoff deemed a "customer" for SIPA purposes BURTON R. LIFLAND, Bankruptcy Judge. Before the Court is the motion (the "Customer Motion") of Irving H. Picard, Esq....
MEMORANDUM OF OPINION ALLAN L. GROPPER, Bankruptcy Judge. The Comptroller of the State of New York, as trustee of the Common Retirement Fund ("CRF"), has objected to its treatment under the Reorganized Debtors' Third Amended Joint Plan of Reorganization (the "Plan") (Dkt. No. 6232). 1 Under the Plan, CRF's debt was reinstated. The sole issue is whether CRF is entitled to post-petition interest on its claim at the contract default rate of 8.95% for the period from the filing of the Chapter 11...
