Entries categorized as ‘adversary’
Q: I am a limited partner. I suspect that the general partner converted funds belonging to the limited partnership. How do I sue on behalf of other limited partners?
A: A general partner is a fiduciary to limited partners, much as a director is to shareholders in a corporation. This means that the gp account for his actions to the limited partners and at all times conduct itself with the utmost good faith. If those rules were not observed then the proper remedy is a derivative suit – so named because the complaining party must sue in the name of the limited partnership. Before filing suit however certain questions must be answered and you may need to hire a forensic accountant to fully investigate. Finally, keep in mind that if the limited partnership or the general partner need(s) to file bankruptcy then a post-filing adversary complaint is your route.
Categories: 523 · Q&A · adversary · business · business filings · conversion · creditor · fraud · fraudulent transfers · limited partnership · partnership
In re Griffin Trading Company, Inc., 98 B 41742
Leroy G. Inskeep, Trustee v. Farrel and Roger Griffin, 01 A 00007
Opinion: In an Adversary case stemming from the Chapter 7 bankruptcy of a futures broker, judgement for Trustee is reversed due to lack of sufficient causation following remand from the District Court.
Opinion Issued October 30, 2009
By the Honorable Bruce W. Black
View and download the opinion in PDF format here
Categories: ED · IL · Inskeep · ND · adversary · assets · black · business filings · case update · ch 7 · cir 7 · current-events · judge · property · research · trustee
Millelliti Forrest filed a Chapter 13 bankruptcy petition on June 8, 2009 (No. 09 B 20874). Wanting to avoid a lien through the bankruptcy process, the petition indicated that Litton Loan Servicing’s “second lien is stripped from the property and will be paid as an unsecured creditor” due to the lack of equity in the debtor’s primary residence. Litton Loan Servicing objected.
In a memorandum opinion sustaining Litton Loan Servicing’s objection to the Chapter 13 plan, United States Bankruptcy Judge Jack B. Schmetterer ruled that the debtor may not strip off the junior mortgage because the Bankruptcy Code and Rules [Rule 7001(2)] and the Constitution require the debtor to file an adversary proceeding
Categories: ED · IL · ND · adversary · bankruptcy · case update · ch 13 · current-events · data · individual · judge · opinion · schmetterer
Tagged: lien
Chapter 7 and 11 Calls
Effective immediately new motions to be heard after Oct. 12 should be noticed for Tue or Wed at 9:30 a.m.
Effectivethe week of Oct. 5 motions and set matters to be heard that week will be set for Thu, Oct. 8.
Effective the week of Oct. 12 J. Wedoff will begin hearing cases on Tuesdays and Wednesdays [regular schedule]. New motions, status hearings, or other set matters now scheduled for a Tue or Wed after Oct. 12 will be heard on the Tue or Wed on which they are scheduled.
Any motion already noticed for a Thu after Oct. 12 will still be heard as set noticed unless movant chooses to re-notice for a Tue or Wed after Oct. 12.
Chapter 13 Call
Judge Doyle will continue to hear Judge Wedoff’s Chapter 13 call on Thursdays at the regularly scheduled times until further notice.
Thank you for your cooperation during the last month in rescheduling Judge Wedoff’s Chapter 7 and 11 matters for Thursdays
To view and download this information in pdf format click here
Categories: ED · IL · ND · administrative · adversary · business filings · call · case update · ch 11 · ch 13 · ch 7 · cir 7 · current-events · data · doyle · filings · notice · opinion · schedule · wedoff · work
