tag:blogger.com,1999:blog-8229502405942442402024-03-18T21:04:45.539-07:00CLLA Bankruptcy BlogDiscussing the Most Important Bankruptcy Cases from Across the CountryCommercial Law League of Americahttp://www.blogger.com/profile/14080787238487603044noreply@blogger.comBlogger65125tag:blogger.com,1999:blog-822950240594244240.post-2597384463755061462023-03-03T10:40:00.005-08:002023-03-03T10:40:29.622-08:00LTL Management and the Third Circuit: Financial Distress Required for Good Faith Filings<p> </p><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p class="MsoNormal" style="margin-bottom: 0in; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;"></span></b></p><div class="separator" style="clear: both; text-align: left;"><b><b style="text-align: center;"><span style="font-size: 14pt; line-height: 107%;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR0kg38K8d9REIR10hx4rpd0jmwk6iw3lesR9LF2hgxrTUoGEioXRrFu0mFPcOr7I4WoUxGT4yVPqZtflhlv08WteQnMrWD86aQ9smVBQf-jVZZ5cf4NTXvFGH3sNHcQAxUZaMsjJaoNh5deCax-8JJsyMnO8b_D1naEYwl6wFFGjOYmrmx4q3AvVN/s1500/Kline_Candice_PR.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1500" data-original-width="1200" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR0kg38K8d9REIR10hx4rpd0jmwk6iw3lesR9LF2hgxrTUoGEioXRrFu0mFPcOr7I4WoUxGT4yVPqZtflhlv08WteQnMrWD86aQ9smVBQf-jVZZ5cf4NTXvFGH3sNHcQAxUZaMsjJaoNh5deCax-8JJsyMnO8b_D1naEYwl6wFFGjOYmrmx4q3AvVN/w161-h201/Kline_Candice_PR.jpg" width="161" /></a></div><br /><div style="text-align: left;"><b style="font-size: 14pt;"><span style="font-size: 14pt; line-height: 107%;">By Candice L. Kline, Esq.</span></b></div></span></b></b></div><p></p></blockquote><p><b style="font-family: "Times New Roman", serif; font-size: 14pt; text-align: center;"><span style="font-size: 14pt; line-height: 107%;">Partner</span></b></p><p><b style="text-align: center;"><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;">SAUL EWING LLP<br /></span></b><b style="text-align: center;"><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;">Chicago, Illinois</span></b></p><p align="center" class="MsoNormal" style="text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b></p><p align="center" class="MsoNormal" style="text-align: center;"><i><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><br /></span></i></p><p align="center" class="MsoNormal" style="text-align: center;"><i><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><br /></span></i></p><p align="center" class="MsoNormal" style="text-align: center;"><i><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">This post is an excerpt from the forthcoming fifth
installment in the </span></i><i><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">Mass <br />Tort/</span></i><i><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">Third-Party Releases Series in the upcoming CLW
magazine</span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">.<o:p></o:p></span></i></p>
<p align="center" class="MsoNormal" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p> </o:p></span></i></p>
<p class="MsoNormal" style="break-after: avoid; page-break-after: avoid; text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span>The
recent Third Circuit opinion in <i style="mso-bidi-font-style: normal;">In re LTL
Management, LLC</i> <a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a> focuses
on when debtors may qualify for bankruptcy protection. <span style="mso-spacerun: yes;"> </span>The appeal </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">came from the bankruptcy
court’s denial of</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"> motions to dismiss the
LTL bankruptcy</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">
case </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">based
on allegations</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">
the filing </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">lacked</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> good faith.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a>
</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="break-after: avoid; page-break-after: avoid; text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>The Third Circuit examines the parameters of good faith and
avoids other key </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">techniques to access bankruptcy, isolate
liabilities, and cap the liabilities in</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> mass tort </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">cases</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> such as the legality
of nonconsensual third-party releases (not yet ripe in LTL) and the propriety
of </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">the
</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">“Texas
Two-Step” divisive </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">merger </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">and other </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">affiliated</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">-filing practices</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;"> used</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> in the service of protecting
a financially healthy parent company without the hassle of filing bankruptcy
itself.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>If
viewed narrowly, the precedential opinion merely requires debtors to show some
“financial distress” to establish good faith and avoid dismissal. <span style="mso-spacerun: yes;"> </span>That requirement could be satisfied by adding
a new section to a first-day affidavit, or perhaps more keenly, not waiting
until the last minute to hive off the liabilities or to create a new affiliate only
for bankruptcy purposes. <span style="mso-spacerun: yes;"> </span>If considered
more broadly, the Third Circuit may have opened the door to major rethinking in
this area of “creative” practice.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>On
direct appeal of consolidated appeals by many parties, the Third Circuit
reversed the bankruptcy court’s order denying the motions to dismiss and
remanded the case to the bankruptcy court with instructions to dismiss LTL’s
chapter 11 case.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>The
dismissal lifts a litigation stay on talc liability lawsuits and permits
plaintiffs to resume their litigation as if the bankruptcy had not occurred.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>Although J&J promised an appeal, and
has filed a petition for en banc review discussed below, success seems
unlikely. </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">Few arguments seem
likely to challenge Judge Ambro’s common sense premise: only debtors experiencing
actual financial distress may seek bankruptcy protection.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>Judge
Ambro clarifies lofty goals and good intentions “do not suffice alone.”<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>He emphasizes the intended purpose of bankruptcy
protection and limits its access to debtors “in financial distress.”<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>After concluding that LTL was not in
financial distress, the Third Circuit dismissed LTL’s chapter 11 petition, ending
the bankruptcy. A petition for rehearing is pending.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>Judge Ambro emphasized that</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> Third Circuit precedent seems to require </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">proof
of </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">financial
distress to </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">establish</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> a valid bankruptcy purpose and defeat a good
faith challenge.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a> <span style="mso-spacerun: yes;"> </span></span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">An</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> impaired or
deteriorating financial condition, actual and not speculative, is a critical prerequisite
for a good faith filing. </span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>Reading Third Circuit cases, the opinion
states “the</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;">
theme is clear: absent financial distress, there is no reason for Chapter 11
and no valid bankruptcy purpose.”<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>Financial distress is determined
case-by-case.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>LTL
fell short of proving good faith because it had the financial means through the
Funding Agreement to deal with the liabilities. <span style="mso-spacerun: yes;"> </span>The Third Circuit held that only LTL’s
financial condition matters for this test because it alone is the debtor with
its petition facing dismissal.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn11" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>The good-faith requirement applies to
the debtor in bankruptcy, not the corporate family.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn12" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>Here, the test applied to LTL alone, and
it had recourse to cover its liabilities under the Funding Agreement up to
$61.5 billion.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn13" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a> <o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>The
Funding Agreement was backed by gold-standard corporate resources, with the
J&J parent holding a AAA-credit rating, worth over $400 billion in equity
value, and $31 billion in cash and marketable securities.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn14" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>With such financials, the Third Circuit
concluded, “It is hard to imagine a scenario where J&J and New Consumer
would be unable to satisfy their joint obligations under the Funding Agreement.”<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn15" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>The
Third Circuit has spoken on the first gating issue: good faith filing. <span style="mso-spacerun: yes;"> </span>Other important issues</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">,</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> such as third-party releases</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%;">,</span><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"> remain at issue in the
<i style="mso-bidi-font-style: normal;">Purdue Pharma</i> appeal to the Secord
Circuit (pending) and the Boy Scouts plan appeal in the District of Delaware. <span style="mso-spacerun: yes;"> </span>With each decision, the practice of mass torts
in bankruptcy will morph and adapt. <span style="mso-spacerun: yes;"> </span>Potentially,
more legislation may enter the fray.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-bidi;"><span style="mso-tab-count: 1;"> </span>J&J
promised, and filed on February 13, 2023, a petition for rehearing and
rehearing en banc of the Third Circuit’s precedential opinion.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftn16" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a>
<span style="mso-spacerun: yes;"> </span>This petition remains pending.<o:p></o:p></span></p>
<div style="mso-element: footnote-list;"><!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> <i>LTL Management, LLC. v.
Official Committee of Talc Claimants, et al. (In re LTL Management, LLC)</i>, --
F.3d ---, Case. No. 22-2003 (3d. Cir. Jan. 30, 2023) (precedential).<o:p></o:p></span></p>
</div>
<div id="ftn2" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> 11 U.S.C. § 1112(b). Id. at 29
(describing the motions filed by multiple talc claimants seeking dismissal of
LTL’s bankruptcy petition).<o:p></o:p></span></p>
</div>
<div id="ftn3" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> “That said, we mean not to
discourage lawyers from being inventive and management from experimenting with
novel solutions. Creative crafting in the law can at times accrue to the
benefit of all, or nearly all, stakeholders.” LTL Op. 56.<o:p></o:p></span></p>
</div>
<div id="ftn4" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id.<o:p></o:p></span></p>
</div>
<div id="ftn5" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref5" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id.<o:p></o:p></span></p>
</div>
<div id="ftn6" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> LTL Op. at 18.<o:p></o:p></span></p>
</div>
<div id="ftn7" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. <o:p></o:p></span></p>
</div>
<div id="ftn8" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 35.<o:p></o:p></span></p>
</div>
<div id="ftn9" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 36. The court adds, “[f]inancial
distress must not only be apparent, bit it must be immediate enough to justify
a filing.” Id. at 38.<o:p></o:p></span></p>
</div>
<div id="ftn10" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 38.<o:p></o:p></span></p>
</div>
<div id="ftn11" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref11" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 43.<o:p></o:p></span></p>
</div>
<div id="ftn12" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref12" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 44. (citing Ralph Brubaker,
<i>Assessing the Legitimacy of the “Texas Two-Step” Mass-Tort Bankruptcy</i>,
42 No. 8 Bankr. L. Letter NL 1 (Aug. 2022)).<o:p></o:p></span></p>
</div>
<div id="ftn13" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref13" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 46.<o:p></o:p></span></p>
</div>
<div id="ftn14" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref14" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id. at 47.<o:p></o:p></span></p>
</div>
<div id="ftn15" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref15" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> Id.<o:p></o:p></span></p>
</div>
<div id="ftn16" style="mso-element: footnote;">
<p class="MsoFootnoteText" style="text-align: justify;"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FINAL%20CLLA%20V2%20-%20LTL%20Management%20TP%20Releases%20Blog%20CLK.docx#_ftnref16" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif;"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></span></a><span style="font-family: "Times New Roman",serif;"> In re LTL Management LLC, Petition
for Rehearing and Rehearing En Banc, Case No. 22-2003 (3d Cir. Feb. 13. 2023).<o:p></o:p></span></p>
</div>
</div>Commercial Law League of Americahttp://www.blogger.com/profile/14080787238487603044noreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-29119566835223670492022-11-18T06:56:00.000-08:002022-11-18T06:56:28.555-08:00Florida Supreme Court Confirms Zero-Tolerance For Misleading UCC Filings <p align="center" class="MsoNormal" style="text-align: center;"><b>By Jeffrey N. Schatzman, Esq.</b></p><p align="center" class="MsoNormal" style="margin-bottom: 0in; text-align: center;"><b><span style="text-transform: uppercase;">Schatzman
& Schatzman, P.A.</span></b></p><p align="center" class="MsoNormal" style="margin-bottom: 0in; text-align: center;"><b>Miami, Florida</b></p><p align="center" class="MsoNormal" style="margin-bottom: 0in; text-align: center;"><b> </b></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLnNrzAhxzZJQ0qcD5hTG5AsDr8qzg6By95Ri0Ty3ONoJpJOQUxaesXg7TNYKgQKljhAesvB8yspWXOuVv6XcJfxNdG5XofaKZKx6tHfCqOIk4SSXL_-tyRmqgguqXmFIdHpx8m-PPx9nhHZnnwTG8p6OYGk9SmcF2a2ZaLoa2S169LUvDkp5-i8Wl/s3600/Schatzman,%20Jeffrey.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="3600" data-original-width="2400" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLnNrzAhxzZJQ0qcD5hTG5AsDr8qzg6By95Ri0Ty3ONoJpJOQUxaesXg7TNYKgQKljhAesvB8yspWXOuVv6XcJfxNdG5XofaKZKx6tHfCqOIk4SSXL_-tyRmqgguqXmFIdHpx8m-PPx9nhHZnnwTG8p6OYGk9SmcF2a2ZaLoa2S169LUvDkp5-i8Wl/w88-h131/Schatzman,%20Jeffrey.jpeg" width="88" /></a></div><br /> On September 29, 2022, the Eleventh
Circuit Court of Appeals issued its opinion in <i><span style="color: #212121;">1944
Beach Boulevard, LLC v. Live Oak Banking Co. (In re NRP Lease Holdings, LLC)</span></i><span style="color: #212121;">, No. 21-11742, at *9 (11th Cir. Sep. 29, 2022), which
reversed the Florida Middle District and Middle District Bankruptcy Courts’
decisions concerning perfection of a UCC-1 financing statement under Florida
law. The case involves 1944 Beach Boulevard, LLC’s, a
chapter 11 debtor (“Beach Boulevard”) action to avoid Live Oak Banking Co.’s (“Live Oak”) blanket lien on its assets. <o:p></o:p></span><p></p><p class="MsoNormal"><span style="color: #212121; mso-bidi-font-style: italic;"> Live Oak had made two $2.5 million
loans to Beach Boulevard and attempted to perfect its liens on all of Beach
Boulevard’s assets by filing a UCC-1 financing statements for each loan with
the Florida Secured Transactions Registry.
However, in its filings, Live Oak incorrectly named the debtor as 1944
Beach <i>Blvd</i>, LLC as opposed to its legal name, 1944 Beach <i>Boulevard</i>,
LLC. In its avoidance action, Beach
Boulevard asserted that Live Oak’s financing statements failed to correctly
name the debtor, making them “seriously misleading” within the meaning of §
679.5061(2), Florida Statutes and thus rendering Live Oak’s security interest
unperfected. The parties filed cross
motions for summary judgment.<o:p></o:p></span></p><p class="MsoNormal"><span style="color: #212121; mso-bidi-font-style: italic;"> Florida Statutes § 679.5061
addresses the effects of errors in financing statements and provides:<o:p></o:p></span></p><p class="blockquote" style="margin-bottom: 5.0pt; margin-left: 48.0pt; margin-right: .5in; margin-top: 0in; text-align: justify;"><span style="color: #212121; mso-bidi-font-weight: bold;">(1)</span><span style="color: #212121;"> A financing statement
substantially complying with the requirements of this part is effective, even
if it has minor errors or omissions, unless the errors or omissions make the
financing statement seriously misleading.<o:p></o:p></span></p><p class="blockquote" style="margin-bottom: 5.0pt; margin-left: 48.0pt; margin-right: .5in; margin-top: 0in; text-align: justify;"><span style="color: #212121; mso-bidi-font-weight: bold;">(2)</span><span style="color: #212121;"> Except as otherwise provided
in subsection (3), a financing statement that fails sufficiently to provide the
name of the debtor in accordance with s. <span class="unlinked-ref">679.5031(1) </span>is
seriously misleading.<o:p></o:p></span></p><p class="blockquote" style="margin-bottom: 5.0pt; margin-left: 48.0pt; margin-right: .5in; margin-top: 0in; text-align: justify;"><span style="color: #212121; mso-bidi-font-weight: bold;">(3)</span><span style="color: #212121;"> If a search of the records of
the filing office under the debtor’s correct name, using the filing office’s
standard search logic, if any, would disclose a financing statement that fails
sufficiently to provide the name of the debtor in accordance with s. <span class="unlinked-ref">679.5031(1)</span>, the name provided does not make the
financing statement seriously misleading.<o:p></o:p></span></p><p style="margin-top: 0in;"><span style="color: #212121;">§ 679.5061, Fla. Stat.<o:p></o:p></span></p><p class="MsoNormal"><span style="color: #212121; mso-bidi-font-style: italic;"> The Bankruptcy Court ruled in favor
of Live Oak by finding that although Live Oak’s UCC filings did not correctly identify
the debtor, the safe harbor provision of § 679.5061(3) was applicable since a
search of the Florida Secured Transaction Registry discloses the financing
statements containing the wrongly named debtor on the page immediately
preceding the initial page that appears when searching by the proper name of
the debtor. The Bankruptcy Court
believed that such a search result was consistent with standard search logic
and thus the filings were not “seriously misleading”. The Florida Middle District Court, sitting as
an appellate court, followed the Bankruptcy Court’s logic and affirmed. <o:p></o:p></span></p><p class="MsoNormal"><span style="color: #212121; mso-bidi-font-style: italic;">Beach
Boulevard appealed to the Eleventh Circuit where the court certified three
questions to the Florida Supreme Court:<o:p></o:p></span></p><p class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: .5in; margin-right: .5in; margin-top: 0in;"><span style="color: #212121; mso-bidi-font-style: italic;">(1) Is
the “search of the records of the filing office under the debtor’s correct name,
using the filing office’s standard search logic,” as provided for by Florida
Statute § 679.5061(3), limited to or otherwise satisfied by the initial page of
twenty names displayed to the user of the Registry’s search function?<o:p></o:p></span></p><p class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: .5in; margin-right: .5in; margin-top: 0in;"><span style="color: #212121; mso-bidi-font-style: italic;">(2) If
not, does that search consist of all names in the filing office’s database,
which the user can browse to using the command tabs displayed on the initial
page?<o:p></o:p></span></p><p class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: .5in; margin-right: .5in; margin-top: 0in;"><span style="color: #212121; mso-bidi-font-style: italic;">(3) If
the search consists of all names in the filing office’s database, are there any
limitations on a user’s obligation to review the names and, if so, what factors
should courts consider when determining whether a user has satisfied those
obligations?<o:p></o:p></span></p><p class="MsoNormal"><i><span style="color: #212121;">1944 Beach Boulevard, LLC v.
Live Oak Banking Co. (In re NRP Lease Holdings, LLC),</span></i><span style="color: #212121; mso-bidi-font-style: italic;"> 20 F.4th 746, 758 (11th Cir.
2021).<o:p></o:p></span></p><p class="MsoNormal"><span style="color: #212121; mso-bidi-font-style: italic;"> In analyzing the questions
presented, the Florida Supreme Court determined that the more appropriate
question was: “Is the filing office’s use of a ‘standard search logic’
necessary to trigger the safe harbor protection of section 679.5061(3)?”, which
they answered in the affirmative.<a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FLORIDA%20SUPREME%20COURT%20CONFIRMS%20ZERO%20TOLERANCE.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: #212121; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a> In coming to that conclusion, the Court found
that under subsection 1, a financing statement can overcome errors if the
errors do not make the financing statement seriously misleading. However, under
subsection 2, the Court states that it is seriously misleading and there is a
zero-tolerance where the name of the debtor is not correctly stated as required
by § </span><span class="unlinked-ref"><span style="color: #212121;">679.5031(1)</span></span><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FLORIDA%20SUPREME%20COURT%20CONFIRMS%20ZERO%20TOLERANCE.docx#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><span style="color: #212121;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">[2]</span></span><!--[endif]--></span></span></a><span class="unlinked-ref"><span style="color: #212121;">. <br />
The Safe Harbor of subsection 3 is only applicable if the Registry employs
“standard search logic”.<o:p></o:p></span></span></p><p class="MsoNormal"><span style="color: #212121;"> In
deciding the matter, the Florida Supreme Court analyzed and adopted the UCC’s
definition of standard search logic and concluded that Florida’s UCC registry
does not employ standard search logic.
Whereas a search using standard search logic will generate a finite list
of names, Florida’s UCC registry searches return 20 names on a page starting
with the most relevant name. The results
are located in a section of the entire list of filings and a user would have to
toggle forward and backwards to find additional results. The Court agreed with the analysis of Professor
Kenneth C. Kettering, that a “search procedure that returns as hits, for any
search string, all financing statements in the filing office’s database cannot
rationally be treated as a ‘standard search logic.’” <a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FLORIDA%20SUPREME%20COURT%20CONFIRMS%20ZERO%20TOLERANCE.docx#_ftn3" name="_ftnref3" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="color: #212121; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></a><o:p></o:p></span></p><p class="MsoNormal"><span style="color: #212121;"> Since
the Florida Secured Transaction Registry does not apply standard search logic,
making the Safe Harbor inapplicable, the Court did not reach the questions certified
by the 11<sup>th</sup> Circuit and held that as long as the Registry does not
employ standard search logic, any error in stating the debtor’s name will cause
a financing statement to be seriously misleading and render the secured
interest unperfected. <o:p></o:p></span></p><p align="center" class="MsoNormal" style="text-align: center;">
</p><div><!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1">
<p class="MsoFootnoteText"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FLORIDA%20SUPREME%20COURT%20CONFIRMS%20ZERO%20TOLERANCE.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a>
<i>1944 Beach Boulevard, LLC v. Live Oak
Banking Co.</i>, No. SC21-1717, 2022 WL 3650803, at *1 (Fla. Aug. 25, 2022).<o:p></o:p></p>
</div>
<div id="ftn2">
<p class="MsoFootnoteText"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FLORIDA%20SUPREME%20COURT%20CONFIRMS%20ZERO%20TOLERANCE.docx#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></a>
<span style="color: #212121; mso-bidi-font-weight: bold;">(1)</span><span style="color: #212121;"> A financing statement sufficiently provides the
name of the debtor: <o:p></o:p></span></p>
<p class="MsoFootnoteText" style="margin-left: 22.5pt;"><span style="color: #212121; mso-bidi-font-weight: bold;">(a)</span><span style="color: #212121;"> Except
as otherwise provided in paragraph (c), if the debtor is a registered
organization or the collateral is held in a trust that is a registered
organization, only if the financing statement provides the name that is stated
to be the registered organization’s name on the public organic record most
recently filed with or issued or enacted by the registered organization’s
jurisdiction of organization that purports to state, amend, or restate the
registered organization’s name.</span><o:p></o:p></p>
</div>
<div id="ftn3">
<p class="MsoFootnoteText"><a href="file:///C:/Users/linda.herbst/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/JES700AS/FLORIDA%20SUPREME%20COURT%20CONFIRMS%20ZERO%20TOLERANCE.docx#_ftnref3" name="_ftn3" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></a>
<i>Id.</i><span style="color: #212121; mso-bidi-font-style: italic;"> at *12, citing to </span><i>Kenneth C. Kettering, Standard Search Logic under Article 9 and the
Florida Debacle</i>, 66 U. Miami L. Rev. 907, 913 (2012).<o:p></o:p></p>
</div>
</div><div><div id="ftn3">
</div>
</div><div style="mso-element: footnote-list;"><div id="ftn3" style="mso-element: footnote;">
</div>
</div>Commercial Law League of Americahttp://www.blogger.com/profile/14080787238487603044noreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-64502275055327125322022-10-12T10:18:00.000-07:002022-10-12T10:18:41.575-07:00Evaluating Fraudulent Transfer Liability for Pass-Through Tax Distributions – Start with the F-Squared Opinion<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;"><span style="font-family: "Times New Roman", serif;"><i><br />By Peter J. Klock, II<br /></i></span><span style="font-family: "Times New Roman", serif;"><i>Partner, </i></span><i style="font-family: "Times New Roman", serif;">BAST AMRON LLP<br /></i><i style="font-family: "Times New Roman", serif;">Miami, Florida</i><b><span style="font-family: "Times New Roman",serif;"><o:p> </o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify;"><span style="mso-tab-count: 1;"> </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify;"><br /><span style="mso-tab-count: 1;"></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"></span></p><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBuoweh-N9X6mRzI4qQGqvNTzQbymnO4vYIyUYgUbtNj3pGizmqYwV7BBz5jIwVvUtboT0pkw5KwHIHC428ZFDBG03WyesmCKpRTrmqetOEZGoJ8RagBII2QgEGQkskE5Bd48l13gjOs15dR_ZXTnho6JNfxn1KDGDqS6hmsAmExPPKJAyy24z2ENF/s2716/Peter%20Klock.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="2716" data-original-width="2115" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBuoweh-N9X6mRzI4qQGqvNTzQbymnO4vYIyUYgUbtNj3pGizmqYwV7BBz5jIwVvUtboT0pkw5KwHIHC428ZFDBG03WyesmCKpRTrmqetOEZGoJ8RagBII2QgEGQkskE5Bd48l13gjOs15dR_ZXTnho6JNfxn1KDGDqS6hmsAmExPPKJAyy24z2ENF/w131-h168/Peter%20Klock.jpg" width="131" /></a></div>Generally
speaking, when a corporation pays dividends or distributions to its
shareholders, the law does not consider the corporation to have received
“reasonably equivalent value” in exchange for the payments.<span style="mso-spacerun: yes;"> </span>For a solvent corporation authorizing and
paying dividends in the ordinary course of business, the lack of reasonably
equivalent consideration received in exchange for the dividends is a
non-issue.<span style="mso-spacerun: yes;"> </span>But where a corporation is
insolvent, the dividends paid leave it with unreasonably small capital, or it
is unable to pay its debts as they mature, dividends paid to shareholders are
susceptible to being clawed back via, among other things, claims for the
avoidance of constructively fraudulent transfers under applicable state or
federal law.<p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>While resolution of such claims
typically hinges on the solvency or insolvency of the corporation at the time
of the transfers at issue, under narrow circumstances, defendants may be able
to defeat efforts to claw back distributions made for the purposes of paying
pass-through taxes.<span style="mso-spacerun: yes;"> </span>In her recent
opinion in the matter of <i style="mso-bidi-font-style: normal;">In re: F-Squared
Investment Management, LLC</i>, 633 B.R. 663 (Bankr. D. Del. 2021), Bankruptcy
Judge Silverstein thoughtfully analyzed several cases dealing with claims to
claw back tax distributions and explained the reasoning succinctly, stating, “a
transfer is not fraudulent if creditors are ‘no worse off’ as a result of the
challenged transactions.” <span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-indent: .5in;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">In
the case before her, the debtor (a limited liability company) had made a number
of pre-petition transfers to its members to pay their pass-through tax
obligations.<span style="mso-spacerun: yes;"> </span>After the debtor filed for
chapter 11 protection, the trustee of the liquidating trust brought a dozen
adversary proceedings seeking to avoid distributions to the members, including
the tax distributions, as fraudulent transfers.<span style="mso-spacerun: yes;">
</span>At the summary judgment stage, Judge Silverstein carved out and granted
summary judgment in favor of the defendants on the claims to recover the tax
distributions, finding that they had been made for reasonably equivalent
value.<span style="mso-spacerun: yes;"> </span>Critical to her determination was
the fact that the debtor had previously converted from a C-Corp to an LLC, and
its shareholders were induced to approve the conversion by a promise that the
converted LLC would make quarterly distributions sufficient to cover their
pass-through tax obligations.<span style="mso-spacerun: yes;"> </span>The
operating agreement of the LLC also expressly stated that the members were
entitled to receive tax distributions sufficient to cover their pass through
obligations, and the tax distributions were actually in amounts commensurate
with estimated pass-through taxes (i.e., for periods in which the debtor did
not profit, it did not issue tax distributions).</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-indent: .5in;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">Under
these circumstances, the debtor was no worse off due to its payment of the tax
distributions.<span style="mso-spacerun: yes;"> </span>Had the transferees not
approved the conversion, the debtor would have had to pay income tax on its
revenue, and the debtor was therefore no worse off as a result of the
conversion and payment of distributions (which the Court viewed as one cohesive
transaction) to cover pass-through taxes.<span style="mso-spacerun: yes;">
</span>For that reason, Judge Silverstein distinguished the case before her
from a case which did not involve conversion from a C-Corp to an LLC or S-Corp
premised upon the payment to members or shareholders of funds to pay
pass-through tax liability.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-indent: .5in;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">Bankruptcy
trustees, insolvency litigators, and corporate attorneys alike should take heed
of the <i style="mso-bidi-font-style: normal;">F-Squared </i>opinion and the
cases discussed therein.<span style="mso-spacerun: yes;"> </span>For those
prosecuting or defending claims for the avoidance of fraudulent transfers, the
merits of the claim will likely turn on the factors identified by Judge
Silverstein.<span style="mso-spacerun: yes;"> </span>For those organizing or
converting to pass-through entities, the members’ or shareholders’ potential
liability for such claims will likely turn on the language of the operating
agreement or by-laws.<span style="mso-spacerun: yes;"> </span></span><o:p></o:p></p>Commercial Law League of Americahttp://www.blogger.com/profile/14080787238487603044noreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-8472611453490364552020-02-07T15:17:00.000-08:002020-02-07T15:17:52.888-08:00Supreme Court Holds that a Final, Appealable Order Results When a Bankruptcy Court "Unreservedly" Grants or Denies Stay Relief<!--[if gte mso 9]><xml>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">Written by:</span></i></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">Jonathan D’Andrea </span></i></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">Term Law Clerk for
Judge Russ Kendig </span></i></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">U.S.
Bankruptcy Court, Northern District of Ohio</span></i></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>In <i>Ritzen
Group, Inc. v. Jackson Masonry, LLC</i>, __ U.S. __, (No. 18-938, Jan. 14,
2020), the U.S. Supreme Court recently held that a bankruptcy court’s
unreserved denial or grant of a motion for relief from stay constitutes a
final, appealable order.<span style="mso-spacerun: yes;"> </span>Although the
Court explicitly declined to decide whether an order denying stay relief
“without prejudice” constitutes a final order, the decision provides a
bright-line rule as to the finality of orders granting or denying stay relief. <span style="mso-spacerun: yes;"> </span>And, as the Court explained, the ruling will
prevent the delay of appellate review of fully adjudicated disputes.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>The
case began in state court as a breach of contract dispute between Ritzen Group,
Inc. (“Ritzen”) and Jackson Masonry, LLC (“Jackson”).<span style="mso-spacerun: yes;"> </span>Shortly before trial, Jackson filed a
petition for relief under chapter 11 of the Bankruptcy Code, halting the state
court litigation.<span style="mso-spacerun: yes;"> </span><i>See </i>11 U.S.C. §
362(a).<span style="mso-spacerun: yes;"> </span>In the bankruptcy case, Ritzen
filed a motion for relief from stay to proceed with the state court trial.<span style="mso-spacerun: yes;"> </span>Ritzen argued that Jackson filed its
bankruptcy petition in bad faith, warranting stay relief.<span style="mso-spacerun: yes;"> </span>The bankruptcy court disagreed and denied
Ritzen’s motion.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>Ritzen
had 14 days after entry of the denial order to appeal the bankruptcy court’s
decision, 28 U.S.C. § 158(c)(2), but failed to do so within this time
period.<span style="mso-spacerun: yes;"> </span>Instead, Ritzen pursued its
breach of contract claim against Jackson in the bankruptcy court, filing a
proof of claim and an adversary proceeding against Jackson.<span style="mso-spacerun: yes;"> </span>But the bankruptcy court found that Ritzen,
not Jackson, had breached the contract at issue, and disallowed Ritzen’s
claim.<span style="mso-spacerun: yes;"> </span>The bankruptcy court subsequently
confirmed Jackson’s chapter 11 plan, which effectively barred Ritzen from
pursuing its claim against Jackson any further.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>Ritzen
appealed the bankruptcy court’s order denying relief from stay and the order
resolving Ritzen’s breach of contract claim to the district court.<span style="mso-spacerun: yes;"> </span>The district court sided with the bankruptcy
court on both issues.<span style="mso-spacerun: yes;"> </span>Ritzen further
appealed to the U.S. Court of Appeals for the Sixth Circuit.<span style="mso-spacerun: yes;"> </span>The Sixth Circuit held that the order denying
Ritzen’s motion for relief from stay was a final order, triggering the 14-day
period to file a notice of appeal.<span style="mso-spacerun: yes;"> </span>Thus,
Ritzen failed to timely appeal.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>The
issue for the Supreme Court to decide was whether orders denying motions for
relief from stay are final and immediately appealable under 28 U.S.C. §
158(a)(1).<span style="mso-spacerun: yes;"> </span>A unanimous Supreme Court
answered this question in the affirmative, offering several reasons:<span style="mso-spacerun: yes;"> </span>First, in <i>Bullard v. Blue Hills Bank</i>,
575 U.S. 496 (2015), the Court held that a bankruptcy court order denying plan
confirmation with leave to amend was not final because it did not conclusively
resolve the confirmation proceeding.<span style="mso-spacerun: yes;"> </span><i>Bullard</i>,
575 U.S. at 499, 502-03.<span style="mso-spacerun: yes;"> </span>Analyzing the
current case under this paradigm, the Court explained that adjudication of a
motion for relief from stay is a “discrete proceeding,” the resolution of which
constitutes a final, appealable order.<span style="mso-spacerun: yes;">
</span>Second, 28 U.S.C. § 157(b)(2)(G) describes motions to terminate, annul,
or modify the automatic stay as “core proceedings”, and these are listed
separately from proceedings regarding the allowance or disallowance of claims,
indicating that Congress intended for stay-relief adjudications to be
considered final.<span style="mso-spacerun: yes;"> </span>Third, resolution of a
motion for relief from stay can be significant and consequential, resulting in more
than just a determination as to the appropriate forum for claim adjudication,
which lends support to the notion that such orders should be considered final.<span style="mso-spacerun: yes;"> </span>Fourth, the Court rejected Ritzen’s argument
that a stay-relief denial should not be considered final when, as in this case,
the bankruptcy court’s decision rested on a substantive legal issue.<span style="mso-spacerun: yes;"> </span>Finally, the Court explained that its rule will
avoid delays and inefficiencies regarding appeals.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-tab-count: 1;"> </span>Bright-line
rules are always easier to remember, and the Supreme Court’s decision in <i>Ritzen</i>
provides one: orders granting or denying relief from stay are considered “final”
under 28 U.S.C. § 158(a)(1).<span style="mso-spacerun: yes;"> </span>Bankruptcy
practitioners should be aware of the decision and its effect on the timing of
bankruptcy appeals.<span style="mso-spacerun: yes;"> </span><i>See</i> 28 U.S.C.
§ 158(c)(2); Fed. R. Bankr. P. 8002(a).<span style="mso-spacerun: yes;">
</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
*<span style="font-family: "Times New Roman",serif;"> Disclaimer:
None of the statements contained in this article constitute the official view
or policy of any judge, court or government employee.<span style="mso-spacerun: yes;"> </span></span></div>
Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-822950240594244240.post-87296530206109220262019-06-21T15:42:00.000-07:002019-06-21T15:42:32.738-07:00The Supreme Court Rejects a Strict Liability Standard for Considering Violations of the Discharge Injunction <div style="text-align: center;">
Beau Hays</div>
<div style="text-align: center;">
Hays, Potter & Martin, LLP</div>
<div style="text-align: center;">
Peachtree Corners, GA</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">TAGGART v LORENZEN</i></b>, __ U.S. __, (No. 18-489, June 3, 2019)</div>
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<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>A unanimous
Supreme Court has announced a standard of review for contempt actions based
upon the discharge injunction in §524(a)(2), which differs from that
applied by any court previously considering the question:<span style="mso-spacerun: yes;"> </span>A creditor may be in civil contempt for
violating the discharge injunction if there is “no fair ground of doubt” as to
whether the order barred the creditor’s conduct.<span style="mso-spacerun: yes;"> </span>The Court specifically labeled the limits of
this doubt as being “when there is no objectively reasonable basis for
concluding that the creditor’s conduct might be lawful.”</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>Previous to
this pronouncement, courts had been applying what was generally called a “strict
liability” standard – a simple two-prong test of (1) was the creditor aware of
the discharge order and (2) did the creditor intend the action violated the
Order.<span style="mso-spacerun: yes;"> </span>“[T]his court adopted a
two-pronged test to determine willfulness in violating the automatic stay
provision of § 362. Under this test the court will find the defendant in
contempt if it: ‘(1) knew that the automatic stay was invoked and (2) intended
the actions which violated the stay.’ <span style="mso-spacerun: yes;"> </span>This test is likewise applicable to
determining willfulness for violations of the discharge injunction of § 524.” <span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">In re
Hardy</i>, 97 F.3d 1384, 1390 (11th Cir., 1996).<span style="mso-spacerun: yes;"> </span>In the <i style="mso-bidi-font-style: normal;">Taggart</i>
case, the Bankruptcy Court for District of Oregon followed the “strict
liability” standard in sanctioning the creditor’s conduct; the good faith
belief of the creditor that its actions were not a violation of the discharge
injunction was irrelevant to the analysis.<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>The flaw
in this mechanistic approach is evident from the facts in the <i style="mso-bidi-font-style: normal;">Taggart</i> case.<span style="mso-spacerun: yes;"> </span>The decision by the Ninth Circuit BAP spends
six pages reciting the facts which led to the Bankruptcy Court’s decision to
sanction the creditor.<span style="mso-spacerun: yes;"> </span>Included in that
lengthy tale is the fact that both an Oregon state trial court and the
Bankruptcy Court itself had previously determined that the creditor’s action
was not a violation of the discharge injunction.<span style="mso-spacerun: yes;"> </span>After the U.S. District Court over-ruled the
Bankruptcy Court’s finding, the case went back to the Bankruptcy Court, which
was placed in the odd position of determining the sanction for contempt
resulting from action the Court had previously approved.<span style="mso-spacerun: yes;"> </span>The creditor appealed the $100+k sanction
award to the Ninth Circuit BAP.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>The BAP
reversed the Bankruptcy Court.<span style="mso-spacerun: yes;"> </span>After
reviewing the usual strict liability standard, the BAP focused on the first
prong of the test, whether the creditor had “actual knowledge” that the
discharge order applied to its actions.<span style="mso-spacerun: yes;">
</span>Since the facts of the case show that, in large part, the post-discharge
litigation revolved primarily around whether the claims were discharged at all,
the BAP found that <u>until</u> that issue had been decided adversely to the
creditor, the creditor “could not possibly have been aware that the discharge
injunction was applicable.”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Emmert v Taggert</i>, 548 B.R. 275, 291 (9<sup>th</sup>
Cir BAP 2016).<span style="mso-spacerun: yes;"> </span>As the BAP noted, the
decision by the US District Court that the injunction did apply actually ended
the creditor’s actions – and the BAP was unwilling to sanction a party for
simply litigating a disputed issue.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>The Debtor
then appealed to the Ninth Circuit, which affirmed the BAP while changing the
analysis used to determine that the creditor had not been in contempt.<span style="mso-spacerun: yes;"> </span>Where the BAP focused on the creditor’s
knowledge of the applicability of the discharge injunction, the Ninth Circuit
ruled that – as to this first prong – “the creditor’s good faith belief that
the discharge injunction does not apply to the creditor’s claim precludes a
finding of contempt, even if the creditor’s belief is unreasonable.”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Lorenzen
v Taggert</i>, 888 F.3d 438, 444 (9<sup>th</sup> Cir. 2018).<span style="mso-spacerun: yes;"> </span>As the creditor here clearly had a good faith
belief, the contempt finding was held to be erroneous.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>The Debtor
applied for certiorari to the Supreme Court, to challenge the Ninth Circuit’s
“good faith belief” standard.<span style="mso-spacerun: yes;"> </span>The Court
agreed with the Debtor that the Ninth Circuit was wrong, but also rejected the
“strict liability” approach applied in the Bankruptcy Court and urged by the
Debtor.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>Instead,
the Court found that the test to be applied is whether there is “no objectively
reasonable basis” for the creditor’s conduct.<span style="mso-spacerun: yes;">
</span>(The Court did not directly declare that the two-prong analysis is
overruled, but the discussion makes clear that the Court did not believe that
the “strict liability analysis is appropriate at all.)<span style="mso-spacerun: yes;"> </span>The Court looked at this issue from the
traditional principles of civil contempt when applied to other injunction
violations.<span style="mso-spacerun: yes;"> </span>The Court emphasized that,
outside the bankruptcy context, contempt is not appropriate “where there is a
fair ground of doubt as to the wrongfulness of the Defendant’s conduct.”<span style="mso-spacerun: yes;"> </span>[Page 6, cit. omitted]<span style="mso-spacerun: yes;"> </span>The Court made plain that the creditor’s
subjective belief is not decisive (as the Ninth Circuit had found) but might
assist the court in deciding what sanction – if any – would be appropriate.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>Since the
courts below had not applied this “objectively reasonable basis” standard, the
case was remanded.<span style="mso-spacerun: yes;"> </span>Given the Bankruptcy
Court’s prior conclusion that the creditor was correct in claiming that the
injunction did not apply, it seems likely that that Court will conclude the
creditor had the requisite “fair ground of doubt” necessary to avoid sanction
for contempt.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>While not
as creditor-friendly as the Ninth Circuit’s “good faith basis” standard would
have been, the <i style="mso-bidi-font-style: normal;">Taggert</i> opinion does
give a glimmer of hope to creditors in discharge injunction litigation.<span style="mso-spacerun: yes;"> </span>It may not be often that the “fair ground of
doubt” can be established, but compared to the strict liability test utilized
up to this point, a creditor with a credible argument may proceed with the
thought that it may avoid a sanction simply for trying.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>An even
more encouraging note for creditors comes in the final paragraph of the Taggert
opinion.<span style="mso-spacerun: yes;"> </span>The Debtor contended that a
strict liability approach would be consistent with the standard used to remedy
stay violations.<span style="mso-spacerun: yes;"> </span>The Court distinguished
the specific language in §362</div>
<div class="MsoNormal">
(“willful violations”) with the general authority under
§105, but then commented in a parenthetical that “willful” is also not
typically associated with strict liability.<span style="mso-spacerun: yes;">
</span>The Court noted that it was not deciding whether “willful” in §362 would
support a strict liability standard, but the implication is that the Court would
view sympathetically a creditor sanctioned for an objectively reasonable action
but ultimately found to violate the automatic stay.</div>
<div class="MsoNormal">
<br /></div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-822950240594244240.post-8894305376768305322019-05-26T14:34:00.000-07:002019-05-26T14:34:11.952-07:00Supreme Court Says Rejection of Trademark License Does Not Extinguish Rights<!--[if gte mso 9]><xml>
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<br />
<div class="pxp" style="text-align: center;">
<span lang="EN" style="color: #545454; font-family: "Times New Roman",serif; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Reuel Ash</span></div>
<div class="pxp" style="text-align: center;">
<span lang="EN" style="color: #545454; font-family: "Times New Roman",serif; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Ulmer & Berne, LLP</span></div>
<div class="pxp" style="text-align: center;">
<span lang="EN" style="color: #545454; font-family: "Times New Roman",serif; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Cincinnati, Ohio </span></div>
<div class="pxp" style="text-align: justify;">
<br /></div>
<div class="pxp" style="text-align: justify;">
<span lang="EN" style="color: #545454; font-family: "Times New Roman",serif; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">In an important ruling, the Supreme Court held
earlier this week that a trademark licensee can continue to use a bankruptcy
debtor’s trademark license even where the debtor-licensor rejects the license.<span style="mso-spacerun: yes;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-weight: bold; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Mission Product Holdings,
Inc. v. Tempnology, LLC, </span></i><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-weight: bold; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">2019 Westlaw 2166392 (U.S. May 20, 2019)</span> </span>This decision should be welcome news to the
business community, because the decision will provide a uniform standard
governing a licensee’s right to use a rejecting debtor’s trademark license,
which is especially significant given the rapid growth of intellectual
property’s role in the domestic economy over the past several years.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<br />
<div class="pxp" style="text-align: justify;">
<br /></div>
<div class="pxp" style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEievL8Y11LjfrmqOC7Qta_H-lN6vEKRNortgZJ33uVB3sQyv0ef0Snyz1htkHOZVfu7o0XuI15hcRTSMFY_E5U1Ya81wOuDOrtkge9H-4oz3Azi5HUTayKiBLyBwy0aePVDI8sxN7O58wE/s1600/Ash_S5A9985_RGB-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="390" data-original-width="320" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEievL8Y11LjfrmqOC7Qta_H-lN6vEKRNortgZJ33uVB3sQyv0ef0Snyz1htkHOZVfu7o0XuI15hcRTSMFY_E5U1Ya81wOuDOrtkge9H-4oz3Azi5HUTayKiBLyBwy0aePVDI8sxN7O58wE/s200/Ash_S5A9985_RGB-1.jpg" width="163" /></a><span lang="EN" style="color: #545454; font-family: "Times New Roman",serif; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">The ruling puts trademark licensees in bankruptcy on
equal footing with non-debtor licensees of users of patents, copyrights, and
trade secrets, which since 1988 have enjoyed continued use of that intellectual
property even where the bankruptcy debtor owner of the intellectual property
rejects those contracts.<span style="mso-spacerun: yes;"> </span>Congress
codified such continued use by amending the Bankruptcy Code in 1988 to add </span><span class="pxst"><span style="font-family: "Times New Roman",serif;">Section 365(n), in
response to the Fourth Circuit’s decision of <i style="mso-bidi-font-style: normal;">Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., </i>756
F.2d 1043 (4<sup>th</sup> Cir. 1985).<span style="mso-spacerun: yes;">
</span>That case held that a debtor’s rejection of a license agreement
terminated the licensee’s rights to use the intellectual property and provided
only money damages to the licensee.<span style="mso-spacerun: yes;"> </span>Such
a result was consistent with Code Section 365(g)(1), which provides the
non-debtor party solely with pre-petition damages for breach of contract when
the debtor rejects that contract.<span style="mso-spacerun: yes;">
</span>Congress’ enactment of Section 365(n) fixed that problem for non-debtor
holders of patents, copyrights, and trade secrets whose licenses are rejected
in bankruptcy. Congress’ 1988 fix, however, did not extend to trademark
licensees, since only </span></span><span style="font-family: "Times New Roman",serif;">patents,
copyrights, and trade secrets came within the ambit of the Bankruptcy Code's definition
of intellectual property in Code Section 101(35A), which excluded
trademarks.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The Supreme Court’s 8-1 decision, authored by Justice Elena
Kagan, reversed the First Circuit and resolved a circuit split by providing
trademark licensees with the same protection under the Bankruptcy Code as the
other licensees of intellectual property.<span style="mso-spacerun: yes;">
</span>The Supreme Court restored the licensee’s rights under the license,
explaining that the debtor’s rejection of the license agreement constituted a
breach, but not a recission or termination of the agreement.<span style="mso-spacerun: yes;"> </span>The Supreme Court explained that a debtor has
no greater rights in bankruptcy than outside of bankruptcy, and that the result
of a breach in bankruptcy is the same as it is under non-bankruptcy law, which
does not give the debtor a unilateral right to vitiate the licensee’s rights
under the agreement.<span style="mso-spacerun: yes;"> </span>According to the
Supreme Court, the licensee, Mission Product, could continue to use the license
as provided under the agreement, which would have been the result had the
debtor breached the license agreement outside of bankruptcy. </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-72991080428057394482019-05-01T16:31:00.002-07:002019-05-01T16:31:25.892-07:00Fifth Circuit Resolves Multi-State Perfection Puzzle<div style="text-align: center;">
<span style="font-size: large;">Stephen W. Sather</span></div>
<div style="text-align: center;">
<span style="font-size: large;">Barron & Newburger, P.C.</span></div>
<div style="text-align: center;">
<span style="font-size: large;">Austin, TX </span></div>
<div style="text-align: center;">
<span style="font-size: large;">ssather@bn-lawyers.com</span></div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
In a lesson that the Uniform Commercial Code is not always uniform
between various states, the Fifth Circuit resolved a lien priority
dispute pertaining to a Texas debtor who brought agricultural products
in Oregon, Michigan and Tennessee. The opinion in a valuable primer
in choice of law issues in UCC cases as well as how failure to strictly
comply with state statutes can lead to loss of lien priority. <a href="http://www.ca5.uscourts.gov/opinions/pub/18/18-10090-CV0.pdf"><i>Fishback Nursey, Incorporated v. PNC Bank, National Association</i></a>, Case No. 18-10090 (5th Circuit 4/10/19).</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<b>What Happened</b></div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<b> </b>BFN Operations, LLC was a wholesale grower of trees, shrubs, and
other plants, with headquarters in Texas and offices in Michigan,
Oregon and Tennessee. </div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
PNC held a blanket lien in the debtor's assets which pre-dated the claims of two vendors to the debtor, Fishback and Surface.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
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Fishback sold agricultural products to the debtor and filed UCCs in
Oregon, Michigan and Tennessee. It listed the debtor as BFN
Operations, LLC abn Zelenka Farms. It also filed a notice of lien in
Oregon.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Surface filed a UCC in Michigan using the name "BFN Operations, LLC abn Zelenka Farms.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
When BFN filed chapter 11, PNC extended debtor-in-possession financing
which would outrank other liens "subject and junior only to . . . valid,
enforceable, properly perfected, and unavoidable pre-petition liens."</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Fishback and Surface filed suit against PNC in the U.S. District Court
for the Northern District of Texas seeking a declaration that their
liens were superior to those of PNC.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
The District Court ruled that applicable choice of law rules dictated
that the law of the states where the agricultural products were shipped
should govern the lien perfection and priority dispute. It then found
that PNC had the prior lien because Fishback and Surface had failed to
properly perfect.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<b>The Court's Ruling</b></div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
The first thing that the Fifth Circuit had to do was decide whether the
District Court correctly determined that the law of the states where the
agricultural products were shipped would apply. The Court noted that
choice of law could be applied based upon either the law of the forum
state or under federal choice-of-law rules. This is an open question
in the Fifth Circuit. The District Court found that it did not have to
pick a side because both answers pointed to the states where the ag
products were shipped. The Fifth Circuit agreed. Under the Texas
UCC, if farm products are located in a jurisdiction, the local law of
that jurisdiction applies to perfection, the effect of perfection and
the priority of an agricultural lien on farm products.
Tex.Bus.&Com. Code Sec. 9.302. Federal law relies on the
Restatement (Second) of Conflicts of Law Sec. 251(2) which provides that
absent "effective choice of law by the parties" the court should give
"greater weight . . . to the location of the chattel at the time that
the security interest attached."</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Fishback argued that Oregon law should apply because its contracts
contained a choice of law provision selecting Oregon law. However,
those provisions were included in a contract between the Debtor and
Fishback. As a result, they were not binding on PNC.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Each of the laws of the forum states had some quirky provisions. In
Michigan and Tennessee, a UCC must be filed based on the debtor's name
exactly as it appears on the public documents creating the entity. In
this case, the company's legal name was BFN Operations, LLC, not BFN
Operations, LLC abn Zelenka Farms. This may seem like a trivial
distinction given that the name given was correct but added extra
verbiage. However, the Court found that it was "undisputed that, under
the strict search logics in these states, searching with BFN’s correct
name would not uncover the incorrectly named liens." While this seems
foolish, the states set out their search logic in regulations adopted
to implement the UCC and that search logic would not catch the longer
name.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Oregon was a different matter. Agricultural liens in Oregon are
automatically perfected until 45 days after the debt is due. After that
date, the party must file an extension supported by an affidavit.
Fishback did file an extension but it was not within the 45 day window
so that PNC's lien jumped in front of its. Fishback argued that its UCC
filing met the requirement for the affidavit, but the Fifth Circuit
found that it lacked the requisite information and would be misleading
as an affidavit.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<b>Takeaways</b></div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
As bankruptcy lawyers, we are usually called in after the filings have
been made and the lien perfection facts have been established.
Therefore, the biggest lesson for bankruptcy lawyers is that when
dealing with multi-state perfection issues, there may be room to look
for strategies to upset other parties' lien expectations. </div>
<div style="text-align: justify;">
</div>
When dealing with the front end of a transaction, it makes good sense to
consult with a local lawyer to find out the quirks in local lien law,
whether it is the UCC or mechanics liens or real property mortgages.
One consequence of our federal system is that despite the efforts to
draft uniform laws, states are perfectly free to implement traps for the
unwary.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-51936262182791745272019-05-01T16:26:00.004-07:002019-05-01T16:26:59.353-07:00Mooting a Circuit Split<!--[if gte mso 9]><xml>
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<br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<span style="font-size: 14.0pt;">Hon. Judith K. Fitzgerald (Ret.)</span></div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<span style="font-size: 14.0pt;">JFitzgerald@tuckerlaw.com</span></div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<span style="font-size: 14.0pt;">Tucker Arensberg, P.C.</span></div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<span style="font-size: 14.0pt;">www.TuckerLaw.com</span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfmWk0PEvSyUJZAr3tFf9DceX2rT4QN-xGb5Nd9tpfpQlH5luEmmOYDamkkmPruUcYCn9EBT9np9keNJBrX4aob8OgcfwE-U2_LVggZYink1cUh7AW-9-mzGQ1g6Xo52ukhkXuN_woe1c/s1600/Fitzgerald-Judith-1-214x300.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="214" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfmWk0PEvSyUJZAr3tFf9DceX2rT4QN-xGb5Nd9tpfpQlH5luEmmOYDamkkmPruUcYCn9EBT9np9keNJBrX4aob8OgcfwE-U2_LVggZYink1cUh7AW-9-mzGQ1g6Xo52ukhkXuN_woe1c/s200/Fitzgerald-Judith-1-214x300.jpg" width="142" /></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri;">A case
of interest to those who sell or purchase property in bankruptcy came
down recently.<span style="mso-spacerun: yes;"> </span>In <i style="mso-bidi-font-style: normal;">Trinity 83 Development LLC v. ColFin Midwest Funding LLC</i>, 2019 WL
987902 (7th Cir. March 1, 2019), the Court of Appeals for the Seventh Circuit
overturned prior precedent by ruling that 11 U.S.C. § 363(m) does not moot
appeals from sale orders.<span style="mso-spacerun: yes;"> </span>A panel of the
Court had previously decided <i style="mso-bidi-font-style: normal;">In re Sax</i>,
796 F.2d 994 (7th Cir. 1986), which stood for the proposition that any dispute
that fell within the scope of </span><span style="font-family: "Segoe UI Symbol",sans-serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri;">§</span><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri;"> 363(m) was
moot.<span style="mso-spacerun: yes;"> </span>More recently in<i style="mso-bidi-font-style: normal;"> In re River West Plaza-Chicago, LLC</i>,
664 F.3d 668 (7th Cir. 2011), </span><span style="font-family: "Segoe UI Symbol",sans-serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri;">§</span><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri;"> 363(m) was
determined to prevent efforts to set aside the sale and, relying on <i style="mso-bidi-font-style: normal;">Sax</i>, to prohibit the court from putting
the sale proceeds back into the estate.<span style="mso-spacerun: yes;">
</span>Because <i style="mso-bidi-font-style: normal;">Trinity 83 Development LLC</i>
was also a panel decision, its author, Judge Easterbrook, circulated the
opinion to all active circuit judges but none asked for <i style="mso-bidi-font-style: normal;">en banc</i> review.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri;">Trinity 83 Development LLC</span></i><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri;"> involved a situation
where, prepetition, a mortgagee erroneously satisfied a mortgage and when the
mistake came to light, was corrected.<span style="mso-spacerun: yes;"> </span>The
Court of Appeals described the facts as follows:<span style="mso-spacerun: yes;"> </span>In 2006 Trinity 83 Development borrowed about
$2 million from a bank, giving in return a note and a mortgage on certain real
property. In 2011 the bank sold the note and mortgage to ColFin Midwest
Funding. ColFin relied on Midland Loan Services to collect the payments. In
2013 Midland recorded a document (captioned “satisfaction”) stating that the
loan had been paid and the mortgage released. But the loan was still
outstanding, and Trinity continued paying. In 2015 ColFin realized Midland's
mistake and recorded a document cancelling the satisfaction. Soon afterward
Trinity stopped paying, and ColFin filed a foreclosure action in state court.</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
<i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri;">Trinity 83 Dev., LLC v. ColFin Midwest Funding, LLC,</span></i><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri;"> No. 18-2117, 2019 WL
987902, at *1 (7th Cir. Mar. 1, 2019)</span>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri;">Trinity filed bankruptcy,
which stopped the foreclosure.<span style="mso-spacerun: yes;"> </span>After
Trinity filed its bankruptcy, it sued ColFin, arguing that the release
extinguished the debt and security interest.<span style="mso-spacerun: yes;">
</span>The Bankruptcy Judge, later affirmed by the District Court, disagreed,
and ruled that the release was a unilateral error that could be rectified
unilaterally—and, as no one else had recorded a security interest between those
two events, ColFin retained its original rights.<span style="mso-spacerun: yes;"> </span>ColFin appealed but before the appeal was
heard, the property was sold under the bankruptcy court's auspices. <span style="mso-spacerun: yes;"> </span>ColFin contended that § 363(m) mooted the
appeal.</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri;">The
Seventh Circuit decided, <i style="mso-bidi-font-style: normal;">inter alia</i>, that
the appeal was not constitutionally moot.<span style="mso-spacerun: yes;">
</span>Section 363(m), deals with sales orders that have not been stayed and,
as there is a live controversy regarding who should get the sales process, does
not concern mootness at all.<span style="mso-spacerun: yes;"> </span>Moreover, §
363(m) “does not say one word about the disposition of the proceeds of a sale
or lease. The text is straight-forward: ‘The reversal or modification on appeal
of an authorization ... of a sale or lease of property does not affect the
validity of a sale or lease ... to an entity that purchased or leased such
property in good faith’. What should be done with the proceeds is a subject
within the control of the bankruptcy court.”<span style="mso-spacerun: yes;">
</span><i style="mso-bidi-font-style: normal;">Trinity 83 Dev., LLC, </i>supra, 2019
WL 987902, at *2.<span style="mso-spacerun: yes;"> </span>Thus, the appellate
court decided, a bankruptcy court is not prevented from deciding what to do
with sales proceeds when its sale order has not been stayed.<span style="mso-spacerun: yes;"> </span>This ruling brings the Seventh Circuit into
line with other courts that have addressed this issue including, as noted by
Judge Easterbrook, <i style="mso-bidi-font-style: normal;">In re Hope 7 Monroe
Street L.P</i>., 743 F.3d 867, 872–73 (D.C. Cir. 2014); <i style="mso-bidi-font-style: normal;">In re ICL Holding Co</i>., 802 F.3d 547, 554 (3d Cir. 2015); and <i style="mso-bidi-font-style: normal;">In re Brown</i>, 851 F.3d 619, 623 (6th Cir.
2017). </span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-82261468769187154532018-08-23T15:18:00.002-07:002018-08-23T15:18:12.934-07:00THE 11TH CIRCUIT CLARIFIES THAT NEW VALUE NEED NOT REMAIN UNPAID TO CONSTITUTE A VALID PREFERENCE DEFENSE<!--[if gte mso 9]><xml>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">By: Jeffrey N. Schatzman</span></div>
<div align="center" class="MsoNormal" style="margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Schatzman & Schatzman, P.A.</span></div>
<div align="center" class="MsoNormal" style="margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Miami, Florida</span></div>
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<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWfVhbcbWgF68Eb1nrSM6fDXTgTo6U0w3r3TthrIe0srCItR3L_DI2s598XL_U16UswFektyYOQOeEoYC-so1a5ef-YM_eBYjQPMZJo9F6xQmSOkRJkVZqTUti9EmcQhSNTXX6YF1GgMg/s1600/JNS+5-22+%25282%2529.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="368" data-original-width="293" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWfVhbcbWgF68Eb1nrSM6fDXTgTo6U0w3r3TthrIe0srCItR3L_DI2s598XL_U16UswFektyYOQOeEoYC-so1a5ef-YM_eBYjQPMZJo9F6xQmSOkRJkVZqTUti9EmcQhSNTXX6YF1GgMg/s200/JNS+5-22+%25282%2529.jpg" width="158" /></a></div>
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<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span></span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">In <i style="mso-bidi-font-style: normal;">Kaye v. Blue Bell Creameries, Inc. (In re
BFW Liquidation, LLC)</i>, </span><span style="color: #373739; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; line-height: 150%;">
</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">2018
U.S. App. LEXIS 22504 * | <span class="ssnonpaginatedrptr1"><span style="color: windowtext;">__ F.3D __</span></span> | <span class="ssnonpaginatedrptr1"><span style="color: windowtext;">2018 WL 3850101 (11<sup>th</sup>
Cir 2018), decided on August 14, 2018, the Eleventh Circuit Court of Appeals
made clear that any reliance on its decision in <i style="mso-bidi-font-style: normal;">Charisma Investment Company, N.V. v. Airport Systems, Inc. (In re Jet
Florida System, Inc.)</i>, 841 F.2d 1082 (11th Cir. 1988), that the new value
exception (11 U.S.C. § 547(c)(4)) only applies if any new value given remains
unpaid, is misplaced. In <i style="mso-bidi-font-style: normal;">Jet Florida
System</i>, the Eleventh Circuit was faced with determining whether rent payments
made by the debtor to a landlord after the debtor had vacated the premises were
subject to the new value exception.<span style="mso-spacerun: yes;"> </span>In
considering the exception, the court stated that § 547(c)(4) “</span></span><span style="color: #373739;">has generally been read to require: (1) that the creditor
must have extended the new value after receiving the challenged payments, (2)
that the new value must have been unsecured, and (3) that the new value must
remain unpaid.”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">In re Jet Fla. Sys.,</i> at 1083.<span style="mso-spacerun: yes;">
</span>The court ultimately rendered its decision by applying only the first
element and found that there was no new value given by the landlord since the
debtor had vacated the premises and therefore, no benefit was conferred upon
the estate. </span></span></div>
<a name='more'></a><br />
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<span style="color: #373739; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>In
<i style="mso-bidi-font-style: normal;">BFW Liquidation</i>, the chapter 11
liquidating trustee sued Blue Bell to recover preference payments made by the
debtor over the 90 days prior to the filing of the debtor’s bankruptcy
case.<span style="mso-spacerun: yes;"> </span>During that time, Blue Bell
received over $563,000.00 in thirteen payments from the debtor and delivered
over $435,000.00 worth of ice cream to the Debtor. <span style="mso-spacerun: yes;"> </span>The trustee, relying on the court’s
pronouncement in <i style="mso-bidi-font-style: normal;">Jet Florida</i> that any
new value must remain unpaid, argued that nearly the entire $536,000.00 must be
repaid because Blue Bell had only delivered approximately $1,000.00 worth of
ice cream after the last payment was made by the debtor.<span style="mso-spacerun: yes;"> </span>The bankruptcy court agreed and an appeal was
taken directly to the Eleventh Circuit.</span></div>
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<span style="color: #373739; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>The
Eleventh Circuit disposed of the trustee’s position by explaining that its
recitation in <i style="mso-bidi-font-style: normal;">Jet Florida</i> of the
third element for establishing a new value exception constituted nonbinding dicta
as it was never at issue in the case and played no role in the court’s decision
or reasoning.<span style="mso-spacerun: yes;"> </span>In determining that it was
not bound to the third element, the court analyzed the effect of whether the
new value needed to remain unpaid and considered the policy positions that
would otherwise make it challenging for creditors to continue providing goods
and services to a troubled debtor.<span style="mso-spacerun: yes;"> </span>The
court sided with the Fourth, Fifth, Eighth and Ninth Circuits in finding that
the new value exception did not require the new value to remain unpaid.<span style="mso-spacerun: yes;"> </span>In following those circuits, the court
concurred that § 547(c)(4) was unambiguous and only requires that the new value
not be secured by an otherwise unavoidable security interest and that on
account for the new value, the debtor did not make an otherwise unavoidable
transfer to or for the benefit of the creditor.<span style="mso-spacerun: yes;">
</span>The court, focusing on the legislative history, further noted that the
former statute, § 60(c) of the Bankruptcy Act of 1898, definitively stated that
credit would be given for the amount of new value remaining unpaid as of the
date the bankruptcy case, whereas the current statute is devoid of any language
requiring the new value to remain unpaid.<span style="mso-spacerun: yes;">
</span></span></div>
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<span style="color: #373739; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>From
a policy standpoint, the court reasoned that “requiring the new value to remain
unpaid would hinder the policy objectives of vendors to continue to extend
credit to financially troubled debtors.”<span style="mso-spacerun: yes;">
</span>Contrarily, if new value need not remain unpaid, vendors could continue
to extend credit without the fear of having clawed-back all of the payments
received for its newly delivered goods but would risk only a portion of
payments received so long as it continued to supply the debtor. </span></div>
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<span style="color: #373739; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Based
on the court’s decision, Blue Bell’s exposure was significantly reduced from
over $560,000.00 to just over $100,000.00.<span style="mso-spacerun: yes;">
</span>Although my experience has been that most trustee’s, for preference
settlement purposes, usually agree to a simple mathematical calculation of sums
paid during the preference period less new value provided (the “Net Result
Rule”), the Eleventh Circuit has now resolved any doubt within its circuit as
to how to apply the new value exception. <span style="mso-spacerun: yes;"> </span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-78105842305224855722018-06-10T13:41:00.000-07:002018-06-10T13:41:22.807-07:00The Absolute Priority Rule (Probably) Still Applies in Individual Bankruptcy Cases<div style="text-align: center;">
Stephen W. Sather</div>
<div style="text-align: center;">
Barron & Newburger, P.C.</div>
<div style="text-align: center;">
Austin, TX</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVDwJKTBZ4g8Doa86TBRNASkCSshGkgSQsP07WeYKKOSvP_22XGMGNNtGFnsN1q4YyIt9r9zM8VuiFDmlAP6Dq1QX6UWwR3flllIuSBFq2rMo6ov3OyMhFtE39NQ3SqI0I1Qiuix9RshU/s1600/Steve0196%2528Medium%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="600" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVDwJKTBZ4g8Doa86TBRNASkCSshGkgSQsP07WeYKKOSvP_22XGMGNNtGFnsN1q4YyIt9r9zM8VuiFDmlAP6Dq1QX6UWwR3flllIuSBFq2rMo6ov3OyMhFtE39NQ3SqI0I1Qiuix9RshU/s200/Steve0196%2528Medium%2529.jpg" width="133" /></a><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">The absolute priority rule under 11
U.S.C. §1129(b) is one of the fundamental principles of chapter 11.<span style="mso-spacerun: yes;"> </span>Under the absolute priority rule, a debtor
has three options:<span style="mso-spacerun: yes;"> </span>(i)<span style="mso-spacerun: yes;"> </span>obtain a favorable vote from all classes of
unsecured creditors; (ii) pay unsecured creditors in full; or (iii) provide
that interests junior to unsecured creditors will not receive or retain any
property on account of their interest.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>In
2005, Congress amended the Bankruptcy Code to make Chapter 11 more like Chapter
13 for individual debtors.<span style="mso-spacerun: yes;"> </span>Because of
some inexact drafting a question arose as to whether the absolute priority rule
continued to apply in individual cases.<span style="mso-spacerun: yes;">
</span>While the majority view is that Congress did not abrogate the absolute
priority rule in individual cases, there are still some circuits where the
question remains open.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">There are three
relevant statutory sections.<span style="mso-spacerun: yes;"> </span>First,
section 1115 provides that property of the estate in an individual case
included property acquired post-petition, including earnings from personal
services.<span style="mso-spacerun: yes;"> </span>Second, section 1129(a)(15) provides
that in an individual case in which an unsecured creditor objected, the Debtor
must submit his projected disposable income under the plan for a period of five
years.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Finally, section 1129(b)(2)(B) provides
that a plan would be fair and equitable with regard to a rejecting class of
claims if:</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">(i) the plan
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to the allowed amount of such claim; or</span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">(ii) the holder
of any claim or interest that is junior to the claims of such class will not
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any property; <i style="mso-bidi-font-style: normal;">except that in a case in
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the estate under section 1115, subject to the requirements of subsection
(a)(14)* of this section</i>. (emphasis added).</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">*--The reference
to subsection (a)(14) should probably refer to subsection (a)(15) instead.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>The statutory provisions add certain
post-petition property to the estate, require the Debtor to make payments of
projected disposable income if a creditor objects and allow the Debtor to retain
"property included in the estate under section 1115." This required
an examination of just what property was included by section 1115. According to
section 1115(a)</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">(a) In a case in
which the debtor is an individual, property of the estate includes, in addition
to the property specified in section 541—</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">(1) all property
of the kind specified in section 541 that the debtor acquires after the
commencement of the case . . . ; and</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">(2) earnings
from services performed by the debtor after the commencement of the case. . . .
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Courts which have examined this language have divided
between a "narrow" interpretation holds that "property included
in the estate under section 1115" refers only to the post-petition property
added to the estate, while the "broad" interpretation holds that
section 1115's reference to "property specified in section 541"
refers to all section 541 property. Under the broad interpretation, because
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of his property without violating the absolute priority rule.<span style="mso-spacerun: yes;"> </span>For a brief period of time, the broad
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priority rule continues to apply.</span></div>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Circuit</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Narrow
Approach</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Broad
Approach</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Status</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">First</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 12.6pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Walsh, </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">447 B.R. 45
(Bankr. D. Mass. 2011); <i style="mso-bidi-font-style: normal;">In re Lee Min
Ho Chen, </i>482 B.R. 473 (Bankr. D. P.R. 2012)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 16.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Perez</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">, 2015 Bankr.
LEXIS 1488 (Bankr. D. P.R. 2015)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Courts
split.<span style="mso-spacerun: yes;"> </span>No consensus.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Second</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 8.1pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Lucarelli, </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">517 B.R. 42
(Bankr. D. Ct. 2014); </span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Only
case found follows narrow approach</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Third</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 11.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Brown v. Ferroni (In re Brown), </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">505 B.R. 638
(E.D. Pa. 2014); <i style="mso-bidi-font-style: normal;">In re Grasso, </i>497
B.R. 448 (Bankr. E.D. Pa. 2013)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Only
cases found follow narrow approach</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Fourth</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 16.15pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Maharaj</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">, 681 F.3d 558
(4<sup>th</sup> Cir. 2012)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; tab-stops: 85.05pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Definitely
Narrow Approach</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Fifth
</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 16.15pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Lively</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">, 717 F.3d 406
(5<sup>th</sup> Cir. 2013)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Definitely
Narrow Approach</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Sixth
</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 16.15pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Ice House America, LLC v. Cardin (In
re Cardin), </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">751
F.3d 734 (6<sup>th</sup> Cir. 2014)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; tab-stops: 76.05pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Definitely
Narrow Approach</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Seventh</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 17.1pt; margin-top: 0in; tab-stops: 121.3pt; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Gerard, </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">495 B.R. 850
(Bankr. E.D. Wisc. 2013); <i style="mso-bidi-font-style: normal;">In re
Draiman, </i>450 B.R. 777 (Bankr. N.D. Ill. 2011)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 7.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Johnson</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">, 402 B.R. 851
(Bankr. N.D. Ind. 2009)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Courts
split.<span style="mso-spacerun: yes;"> </span>No consensus.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Eighth</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 17.1pt; margin-top: 0in; tab-stops: 121.3pt; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Heritage Bank
v. Woodward (In re Woodward), </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">537 B.R. 894 (8<sup>th</sup> Cir. BAP
2015)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 7.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Tegeder, </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">369 B.R. 477
(Bankr. D. Neb. 2007); <i style="mso-bidi-font-style: normal;">In re O’Neal</i>,
490 B.R. 837 (Bankr. W.D. Ark. 2013); <i style="mso-bidi-font-style: normal;">In
re Woodward, </i>2014 Bankr. LEXIS 1940 (Bankr. D. Neb. 2014)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Courts
split.<span style="mso-spacerun: yes;"> </span>No consensus.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Ninth</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 11.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Zachary v. Cal. Bank & Trust</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">, 811 F.3d
1191 (9<sup>th</sup> Cir. 2016)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 7.65pt; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Definitely
Narrow Approach</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Tenth</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 11.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Dill Oil Company v. Stephens (In re
Stephens)</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">,
704 F.3d 1279 (10<sup>th</sup> Cir. 2013)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Definitely
Narrow Approach</span></div>
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</tr>
<tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.2pt;" valign="top" width="120">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Eleventh</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 149.2pt;" valign="top" width="199">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 12.6pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">In re Martin, </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">497 B.R. 349 (Bankr.
M.D. Fl. 2013); <i style="mso-bidi-font-style: normal;">In re Gelin, </i>437
B.R. 435 (Bankr. N.D. Fl. 2010); <i style="mso-bidi-font-style: normal;">In re
Steedley, </i>2010 Bankr. LEXIS 3113 (Bankr. S.D. Ga. 2010); <i style="mso-bidi-font-style: normal;">In re Gbadebo, </i>431 B.R. 222 (Bankr.
N.D. Cal. 2010); <i style="mso-bidi-font-style: normal;">In re Rogers, </i>2016
Bankr. LEXIS 2398 (Bankr. S.D. Ga. 2016)<i style="mso-bidi-font-style: normal;">
</i></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.05pt;" valign="top" width="185">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 7.65pt; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">SPCP Group, LLC v. Biggins</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">, 465 B.R. 316
(M.D. Fl. 2011)</span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 100.35pt;" valign="top" width="134">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Cases
lean toward narrow approach</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 9.0pt; margin-top: 0in; text-align: justify;">
<br /></div>
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<br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
By Hon. Judith K.
Fitzgerald (Ret.)</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
Tucker Arensberg,
P.C.</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<a href="http://www.tuckerlaw.com/">www.tuckerlaw.com</a></div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
jfitzgerald@tuckerlaw.com</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0.5in;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-wt6jKYsvu4c5o2Le5XcimkkbcprC-CDfEssYKVxq5XXlNHsLLcEyeMceKLOqx03m13mwtkOcrWSYK7SD5K1HUddQM_iONkeaNQpD7ru8k41uvV1uMB6xs3xUNX8AZa1Kk63p2YV-lcU/s1600/Fitzgerald-Judith-1-214x300.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="300" data-original-width="214" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-wt6jKYsvu4c5o2Le5XcimkkbcprC-CDfEssYKVxq5XXlNHsLLcEyeMceKLOqx03m13mwtkOcrWSYK7SD5K1HUddQM_iONkeaNQpD7ru8k41uvV1uMB6xs3xUNX8AZa1Kk63p2YV-lcU/s200/Fitzgerald-Judith-1-214x300.jpg" width="142" /></a>The United States Court of Appeals
for the Third Circuit issued its opinion in <i style="mso-bidi-font-style: normal;">Rotkiske
v. Klemm</i>, a unanimous, en banc decision yesterday that creates a clear
split with the Fourth and Ninth Circuits.<span style="mso-spacerun: yes;">
</span>The Third Circuit ruled that the statute of limitations for FDCPA
violations is one year from the date of violation, not from the date of
discovery.</div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0.5in;">
<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0.5in;">
Judge Hardiman, writing for the
full court, stated: </div>
<br />
<div style="text-align: justify;">
<blockquote class="tr_bq">
This appeal
requires us to determine when the statute of limitations begins to run under
the Fair Debt Collection Practices Act (FDCPA or Act), 91 Stat. 874, 15 U.S.C.
§ 1692 et seq. The Act states that “[a]n action to enforce any liability
created by this subchapter may be brought in any appropriate United States
district court ... within one year from the date on which the violation
occurs.” 15 U.S.C. § 1692k(d). The United States Courts of Appeals for the
Fourth and Ninth Circuits have held that the time begins to run not when the
violation occurs, but when it is discovered. <i style="mso-bidi-font-style: normal;">See Lembach v. Bierman</i>, 528 Fed.Appx. 297 (4th Cir. 2013) (per
curiam); <i style="mso-bidi-font-style: normal;">Mangum v. Action Collection
Serv., Inc.</i>, 575 F.3d 935 (9th Cir. 2009). We respectfully disagree. In our
view, the Act says what it means and means what it says: the statute of limitations
runs from “the date on which the violation occurs.” 15 U.S.C. § 1692k(d).
</blockquote>
</div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<i style="mso-bidi-font-style: normal;">Rotkiske v. Klemm</i>,
No. 16-1668, 2018 WL 2209120, at *1 (3d Cir. May 15, 2018)</div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<a name='more'></a><br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0.5in;">
The opinion addresses one exception
when it states: </div>
<br />
<div style="text-align: justify;">
<blockquote class="tr_bq">
We conclude by
emphasizing that our holding today does nothing to undermine the doctrine of
equitable tolling. Indeed, we have already recognized the availability of
equitable tolling for civil suits alleging an FDCPA violation. See <i>Glover v.
F.D.I.C</i>., 698 F.3d 139, 151 (3d Cir. 2012) (considering and rejecting an
equitable tolling argument where no extraordinary barrier existed to
plaintiff’s suit). We do not reach the question in this case only because
Rotkiske failed to raise it on appeal. Accordingly, our opinion should not be
read to foreclose the possibility that equitable tolling might apply to FDCPA
violations that involve fraudulent, misleading, or self-concealing conduct.
See, <i>e.g., Bailey v. Glover</i>, 88 U.S. (21 Wall.) 342, 348, 22 L.Ed. 636 (1874)
(“[W]here the party injured by the fraud remains in ignorance of it without any
fault or want of diligence or care on his part, the bar ... does not begin to
run until the fraud is discovered, though there be no special circumstances or
efforts on the part of the party committing the fraud to conceal it ....”).
</blockquote>
</div>
<br />
<div class="MsoNormal" style="text-align: justify; text-indent: 0.5in;">
<i style="mso-bidi-font-style: normal;">Rotkiske
v. Klemm</i>, <i style="mso-bidi-font-style: normal;">supra,</i> at *5. </div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0.5in;">
<br /></div>
This opinion brings the Third Circuit into conflict with the Fourth and Ninth Circuits. In the Third Circuit, limitations will run from the violation unless equitable tolling applies. However, the Fourth and Ninth Circuits will continue to apply the murkier discovery rule.<br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-34215115692308937462018-05-12T14:58:00.002-07:002018-05-12T14:58:58.377-07:00PRE-PETITION “NEW VALUE” COUNTS TOWARD THE PREFERENCE DEFENSE; POST-PETITION “NEW VALUE” DOES NOT<!--[if gte mso 9]><xml>
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<br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
By:<span style="mso-spacerun: yes;"> </span>Hon. Judith K. Fitzgerald (Ret.)</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
Tucker Arensberg,
P.C.</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
1500 One PPG Place</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
Pittsburgh,
PA<span style="mso-spacerun: yes;"> </span>15222</div>
<div align="center" class="MsoNoSpacing" style="text-align: center;">
jfitzgerald@tuckerlaw.com</div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoBodyText" style="line-height: 200%; mso-line-break-override: restrictions; punctuation-wrap: simple; text-align: justify; text-indent: .5in;">
<span style="font-family: "Calibri","sans-serif"; font-size: 12.0pt; line-height: 200%;">In
an opinion that is informative although not precedential, <i style="mso-bidi-font-style: normal;">In re AE Liquidation, Inc.</i>, No.<span style="letter-spacing: -.7pt;"> </span>17-1794
(May 4, 2018)(which can be found <a href="http://www2.ca3.uscourts.gov/opinarch/171794np.pdf">here</a>), the Court of Appeals for the Third Circuit considered both the
ordinary course and the new value defenses to a preference action.<span style="mso-spacerun: yes;"> </span>Regarding the ordinary course issue, the
appellate court detailed facts of record that established that collection
actions taken during the preference period were unilateral pressure tactics
that derailed the defense.<span style="mso-spacerun: yes;"> </span></span></div>
<a name='more'></a><br />
<div class="MsoBodyText" style="line-height: 200%; mso-line-break-override: restrictions; punctuation-wrap: simple; text-align: justify; text-indent: .5in;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB5cAEXbVkDayneQ1ZoFOrO38PM2wJFfq7UDn7cgy34PSy7BQn7qS1CBAr6_Lt0ddEaA5IDSwgWnZVZ4_094uEVig_9LLSkqEpJ3zR1uxR98TubqUkTvYmAMCmQgCAfvI98ltGPqayhgQ/s1600/Fitzgerald-Judith-1-214x300.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="214" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB5cAEXbVkDayneQ1ZoFOrO38PM2wJFfq7UDn7cgy34PSy7BQn7qS1CBAr6_Lt0ddEaA5IDSwgWnZVZ4_094uEVig_9LLSkqEpJ3zR1uxR98TubqUkTvYmAMCmQgCAfvI98ltGPqayhgQ/s200/Fitzgerald-Judith-1-214x300.jpg" width="142" /></a><span style="font-family: "Calibri","sans-serif"; font-size: 12.0pt; line-height: 200%;">Regarding
“new value,” the Court of Appeals clarified that only services<span style="mso-spacerun: yes;"> </span>provided pre-petition can be counted toward
the 11 U.S.C. § 547(c)(4) new value defense against a preference attack.<span style="mso-spacerun: yes;"> </span>The appellate court was asked to determine
that the Bankruptcy Court in Delaware should have reopened the record and permitted
additional evidence of new value following a remand from the District
Court.<span style="mso-spacerun: yes;"> </span>The Court of Appeals confirmed
that the remand had been appropriate because the bankruptcy court failed to
distinguish between pre- and post-petition payments in its first ruling. When
reviewing the payments, the bankruptcy court refused to reopen the record and reduced
the amount of new value, relying on a chart of invoices produced during the
initial proceeding.<span style="mso-spacerun: yes;"> </span>The Court of Appeals
noted that the chart <span style="mso-spacerun: yes;"> </span>included sufficient
detail to enable the court to recalculate the value of the services provided
before and after the bankruptcy petition date.<span style="mso-spacerun: yes;">
</span></span></div>
<div class="MsoBodyText" style="line-height: 200%; mso-line-break-override: restrictions; punctuation-wrap: simple; text-align: justify; text-indent: .5in;">
<span style="font-family: "Calibri","sans-serif"; font-size: 12.0pt; line-height: 200%;">The
opinion is a good reminder for practitioners that (1) the ordinary course
defense requires actions in the preference period to mirror those outside the
preference period; and (2)<span style="mso-spacerun: yes;"> </span>the
inclusion, as part of the creditor’s evidence, of a summary chart tracing the
services rendered and their corresponding invoices may well enable the court to
rule on preference actions more expeditiously than would be required if each
transaction had to be described in detail during trial.</span></div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-822950240594244240.post-73002875545865156742018-05-05T12:24:00.000-07:002018-05-05T12:24:16.033-07:00No Monkeying Around With This Opinion - Naruto v. Slater, No. 16-15469, 2018 WL 1902414 (9th Cir. Apr. 23, 2018)<div style="text-align: center;">
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<![endif]--><span style="font-family: "Calibri", "sans-serif";">By Hon. Judith K. Fitzgerald (Ret).</span></div>
<div style="text-align: center;">
<span style="font-family: "Calibri", "sans-serif";">Tucker Arensberg, P.C.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-e8Pr0cvBaWZcy8aslbMcPwTwikhDkWgRuMgEsuO87KmFzNNfbgLsqq1HgmHSo9jao6KMbJWpbTLiqnqYV4Rm44QtqUJ1HDgzuf1n37bXZvxfQAhJyMF3JjAmRmtwpLyj_unIrGk1c1M/s1600/Fitzgerald-Judith-1-214x300.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="214" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-e8Pr0cvBaWZcy8aslbMcPwTwikhDkWgRuMgEsuO87KmFzNNfbgLsqq1HgmHSo9jao6KMbJWpbTLiqnqYV4Rm44QtqUJ1HDgzuf1n37bXZvxfQAhJyMF3JjAmRmtwpLyj_unIrGk1c1M/s200/Fitzgerald-Judith-1-214x300.jpg" width="142" /></a><span style="font-family: "Calibri", "sans-serif";"><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">In case you are curious about the extent of animal rights under
the law, take a look at this new decision in the Ninth Circuit, <i style="mso-bidi-font-style: normal;">Naruto v. Slater</i>, 2018 WL 1902414 (9th
Cir. Apr. 23, 2018).<span style="mso-spacerun: yes;"> </span>Naruto, an
Indonesian macaque, picked up a camera that was left unattended in a reserve by
David Slater, a photographer, and took some selfies back in 2011.<span style="mso-spacerun: yes;"> </span>The pictures were apparently worthy of
publication, so Mr. Slater published them in 2014.<span style="mso-spacerun: yes;"> </span>The monkey sued.<span style="mso-spacerun: yes;"> </span>Well, actually, the People for the Ethical
Treatment of Animals, Inc. (“PETA”) sued as Naruto’s Next Friend, for copyright
infringement.<span style="mso-spacerun: yes;"> </span>The case worked its way to
the Court of Appeals for the Ninth Circuit, where the court framed the issue
this way:</span></span></div>
<span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><blockquote class="tr_bq">
<span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">We must determine whether a monkey may
sue humans, corporations, and companies for damages and injunctive relief
arising from claims of copyright infringement. Our court's precedent requires
us to conclude that the monkey's claim has standing under Article III of the
United States Constitution. Nonetheless, we conclude that this monkey—and all
animals, since they are not human—lacks statutory standing under the Copyright
Act. We therefore affirm the judgment of the district court.</span></div>
</span></span><blockquote class="tr_bq">
<span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span></blockquote>
<span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span><span style="font-family: "Calibri", "sans-serif";"><span style="font-size: medium;"></span></span></blockquote>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "Calibri", "sans-serif";"><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"> </span></span><i style="mso-bidi-font-style: normal;"><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Naruto v. Slater</span></i><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">, No. 16-15469, 2018 WL 1902414 (9th Cir. Apr. 23, 2018)
(footnote omitted).</span></div>
<span style="font-family: "Calibri", "sans-serif";"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"></span></div>
<a name='more'></a><br />
</span><span style="font-family: "Calibri", "sans-serif";"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"></span>The defendants in
the lawsuit moved to dismiss on the grounds that the complaint did not state
facts sufficient to establish standing under Article III or statutory standing
under the Copyright Act.<span style="mso-spacerun: yes;"> </span>The district
court granted the motion</span>, ruling that <span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Naruto failed to establish statutory standing under the Copyright
Act.<span style="mso-spacerun: yes;"> </span>The appeal followed.</span></div>
</span><span style="font-family: "Calibri", "sans-serif";"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"></span>Expressing grave
doubt that PETA could serve as next friend to a monkey because PETA could not
establish that it had any relationship with Naruto that is any more significant
than its relationship with any other animal, the court nonetheless relied on
prior precedent and considered the merits. Citing to</span> <i style="mso-bidi-font-style: normal;"><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Cetacean Cmty. v.
Bush</span></i><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">, 386 F.3d 1169 (9th Cir. 2004), the
court found that Naruto's lack of a next friend did not destroy his standing to
sue, as having a “case or controversy” under Article III of the Constitution. The
court noted that <i style="mso-bidi-font-style: normal;">Cetacean </i>did not
rely on the fact that the statutes at issue in that case referred to “persons”
or “individuals.”</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Instead, the court crafted a simple
rule of statutory interpretation: if an Act of Congress plainly states that
animals have statutory standing, then animals have statutory standing. If the
statute does not so plainly state, then animals do not have statutory standing.
The Copyright Act does not expressly authorize animals to file copyright infringement
suits under the statute. Therefore, based on this court's precedent in <i style="mso-bidi-font-style: normal;">Cetacean,</i> Naruto lacks statutory
standing to sue under the Copyright Act.</span></div>
</span><span style="font-family: "Calibri", "sans-serif";"></span><span style="font-family: "Calibri", "sans-serif";"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Naruto v. Slater</span></i><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">, <i style="mso-bidi-font-style: normal;">supra,</i> 2018 WL
1902414 at *6 (footnotes omitted).</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>The court
detailed an analysis of several provisions of the Copyright Act to explain its
ruling, concluding:</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">The terms “children,” “grandchildren,”
“legitimate,” “widow,” and “widower” all imply humanity and necessarily exclude
animals that do not marry and do not have heirs entitled to property by law.
Based on this court's decision in <i style="mso-bidi-font-style: normal;">Cetacean</i>
and the text of the Copyright Act as a whole, the district court did not err in
concluding that Naruto—and, more broadly, animals other than humans—lack
statutory standing to sue under the Copyright Act.</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Id. </span></i><span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">at *7 (9th Cir. Apr. 23, 2018).</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>In addition to
ruling against PETA, the court remanded the case for a determination of appellate
stage attorneys’ fees and costs that would be owed to the appellees.<span style="mso-spacerun: yes;"> </span>So, Naruto got no copyright protection but his
next friend owes attorneys’ fees.<span style="mso-spacerun: yes;">
</span>Regardless of how that action turns out, I, for one, am happy to know
that those favorite photos of my children’s cats and dogs that I receive on a
regular basis will not enable Jasper or Ella (the cats) or Yoho or Sadie (the
dogs) to collect damages for copyright infringement.<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 12.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[1]</span></span></span></span></a><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div style="mso-element: footnote-list;">
<br clear="all" />
<hr align="left" size="1" width="33%" />
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoNoSpacing" style="text-align: justify;">
<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-size: 10.0pt;"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;">[1]</span></span></span></span></span></a><span style="font-size: 10.0pt;"> An opinion concurring in the conclusion that the case
had to be dismissed examined, at length, the jurisdictional predicates
implicated in next-friend cases.<span style="mso-spacerun: yes;"> </span>Concluding
that next-friend standing is jurisdictional, the concurrence complained, <i style="mso-bidi-font-style: normal;">inter alia,</i> that the Majority missed the
point in relying on <i style="mso-bidi-font-style: normal;">Cetacean</i>:</span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="margin-left: 1.0in; text-align: justify;">
<span style="font-size: 10.0pt;">Not only did <i style="mso-bidi-font-style: normal;">Cetacean</i>
not address animal next-friend standing, but no court has ever done so. <i style="mso-bidi-font-style: normal;">See Mount Graham Red Squirrel v. Madigan</i>,
954 F.2d 1441, 1448 n.13 (9th Cir. 1992) (“No party has mentioned and,
notwithstanding our normal rules, we do not consider, the standing of the
first-named party [Mount Graham Red Squirrel] to bring this action.”); <i style="mso-bidi-font-style: normal;">Palila v. Hawaii Dep't of Land & Nat.
Res</i>., 852 F.2d 1106, 1107 (9th Cir. 1988) (“As an endangered species ...,
the bird ... also has legal status and wings its way into federal court as a
plaintiff in its own right.” (emphasis added) ), <i style="mso-bidi-font-style: normal;">abrogated in part by, Cetacean</i>, 386 F.3d at 1173 (9th Cir. 2004) (“<i style="mso-bidi-font-style: normal;">Palila IV's</i> statements [regarding
standing] are nonbinding dicta.”); <i style="mso-bidi-font-style: normal;">Citizens
to End Animal Suffering & Exploitation, Inc. v. New England Aquarium</i>,
836 F.Supp. 45, 49–50 (D. Mass. 1993) (finding named dolphin, Kama, lacked
standing because “[t]he MMPA does not authorize suits brought by animals,” and
addressing the fact that Rule 17(b) would hold that animals lack “capacity” to
be sued because they are property of their owners, concluding that “the MMPA
and the operation of F.R.Civ.P. 17(b) indicate that Kama the dolphin lacks
standing to maintain this action as a matter of law,” and allowing “the removal
of Kama's name from the caption of [the] case”); <i style="mso-bidi-font-style: normal;">Hawaiian Crow ('Alala) v. Lujan</i>, 906 F.Supp. 549, 551–52 (D. Haw.
1991) (finding that in <i style="mso-bidi-font-style: normal;">Northern Spotted
Owl, Palila</i>, and <i style="mso-bidi-font-style: normal;">Mount Graham Red
Squirrel</i>, no party had challenged the named standing of the animal itself
and the case had other parties in the litigation and ultimately concluding that
“the cited cases do not directly support plaintiffs' position here” and
concluding that “the plain language of Rule 17(c) and section 1540(g) [did] not
authorize the 'Alala to sue” because it was “clearly neither a ‘person’ as
defined in section 1532(13), nor an infant or incompetent person under Rule 17(c)”);
<i style="mso-bidi-font-style: normal;">Northern Spotted Owl v. Lujan,</i> 758
F.Supp. 621 (W.D. Wash. 1991) (failing to address standing for named
first-party); <i style="mso-bidi-font-style: normal;">Northern Spotted Owl v.
Hodel</i>, 716 F.Supp. 479 (W.D. Wash. 1988) (failing to address standing for
named first-party).</span></div>
<div class="MsoNoSpacing" style="margin-left: 1.0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12.0pt; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">Naruto v. Slater</span></i><span style="font-size: 10.0pt;">, No. 16-15469, 2018 WL 1902414, at *14 (9th Cir. Apr. 23, 2018).</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12.0pt; text-align: justify;">
<span style="font-size: 10.0pt;">Clearly, there is a
sound basis to conclude that this appeal wasn’t just “monkey business.”<span style="mso-spacerun: yes;"> </span>The opinion is worth the read.</span></div>
</div>
</div>
</span><br /><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 12.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-822950240594244240.post-13599191266445740152018-04-13T13:50:00.001-07:002018-04-13T13:50:28.358-07:00Better Think Twice Before You Tell Your Debtor Client to Pay You with a Credit Card<!--[if gte mso 9]><xml>
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<div align="center" class="MsoNormal" style="margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"> Jeffrey N. Schatzman</span></div>
<div align="center" class="MsoNormal" style="margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Schatzman & Schatzman, P.A.</span></div>
<div align="center" class="MsoNormal" style="margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Miami, Florida</span></div>
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<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk9Bi9_-UqhceDSw4Nt8K95zqFpFKYvHsiCkJdSLMW2IXUT9HGy8ZB5RzdzRhO2bpKYFbhadBgrRP1gX6mlYRKYp69o4OchOUWro7UjeXtX8_a-xTew1Z38Wb33GdRdzCmmSlZaCRYS4I/s1600/JNS+5-22+%25282%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="368" data-original-width="293" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk9Bi9_-UqhceDSw4Nt8K95zqFpFKYvHsiCkJdSLMW2IXUT9HGy8ZB5RzdzRhO2bpKYFbhadBgrRP1gX6mlYRKYp69o4OchOUWro7UjeXtX8_a-xTew1Z38Wb33GdRdzCmmSlZaCRYS4I/s200/JNS+5-22+%25282%2529.jpg" width="158" /></a><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"></span>If you represent individual debtors
and take credit cards for payment of your fees, you might want to re-think that
policy.<span style="mso-spacerun: yes;"> </span>On March 30, 2018, the Eleventh
Circuit Court of Appeals in </span><i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Cadwell v. Kaufman, Englett & Lynd, PLLC</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">, Case No. 17-10810, reinstated a suit against
Kaufman, Englett & Lynd (“KEL”) for violation of 11 U.S.C. Sec. 526(a)(4). You can find the opinion <a href="http://media.ca11.uscourts.gov/opinions/pub/files/201710810.pdf">here</a>.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b>Requiring Credit Cards Concerns Client</b> </span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Loyd
Cadwell had sought the services of KEL to file a chapter 7 bankruptcy
case.<span style="mso-spacerun: yes;"> </span>Following the initial meeting,
Cadwell entered into a retainer agreement with KEL that provided for KEL to be
paid a fee of $1,700.00 to represent Cadwell in the chapter 7 case.<span style="mso-spacerun: yes;"> </span>The agreement provided for payments to be
made in installments over several months.<span style="mso-spacerun: yes;">
</span>Cadwell alleged in his complaint that he was instructed by KEL to make
the installment payments by credit card. Cadwell made the initial payment and
three additional installments with two different credit cards.<span style="mso-spacerun: yes;"> </span>Thereafter, Cadwell terminated the engagement
with KEL and sought the services of another firm to assist him with his
bankruptcy.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"></span>Cadwell’s
new attorneys noticed the credit card payments and filed suit on behalf of
Cadwell for violation of 11 U.S.C. § 526(a)(4), seeking return of fees paid to
KEL and punitive damages of $1 million.<span style="mso-spacerun: yes;">
</span>The lawsuit is also proposed as a class action.<span style="mso-spacerun: yes;"> </span> </span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b>BAPCPA Provision Proves Relevant</b></span> </span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Section 526(a)(4) prohibits debt relief
agencies (which includes law firms that provide bankruptcy related services)
from advising clients or prospective clients to incur debt in contemplation of
filing bankruptcy or to pay fees associated with the preparation of filing or
representation of a debtor in a bankruptcy case.<span style="mso-spacerun: yes;"> </span>Section 526 provides in pertinent part:</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0.5in 10pt 1in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(a)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">A
debt relief agency shall not –</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-right: 0.5in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>. . .</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 1in 10pt 1.5in; text-align: justify; text-indent: -0.5in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>(4) advise an assisted person or
prospective assisted person to incur more debt in contemplation of such person
filing a case under this title or </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">to
pay an attorney or bankruptcy petition preparer a fee or charge for services
performed as part of preparing for or representing a debtor in a case under
this title.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><b>How to Read the Statute</b> </span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">KEL filed a motion to dismiss
Cadwell’s lawsuit on two grounds – (1) based on the U.S. Supreme Court’s
opinion in <i>Milavetz, Gallop & Milavetz, P.A. v. United States</i>, 559
U.S. 229 (2010), that Cadwell’s complaint failed to state a claim for which
relief could be granted because it contained no allegations of incurring debt
for an improper purpose and (2) that § 526 imposes an unconstitutional
prohibition of attorney-client communications.<span style="mso-spacerun: yes;">
</span>The District Court, following its understanding of <i style="mso-bidi-font-style: normal;">Milavetz</i>, determined that Cadwell’s complaint failed to state a
claim because there were no allegations to support an inference that KEL acted with
an improper purpose or an intent to manipulate the bankruptcy system. The
District Court did not address the First Amendment argument.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"></span>On appeal, Cadwell contended that
when properly read, § 526(a)(4) does not impose a requirement to prove an
improper purpose for a debt incurred to pay legal fees.<span style="mso-spacerun: yes;"> </span>In its opinion, the Eleventh Circuit breaks
down § 526(a)(4) into three possible views of statutory interpretation.<span style="mso-spacerun: yes;"> </span>The Court recognizes that there are two
distinct provisions of the statute – that a debt relief agency may not advise
someone (1) to incur debt in contemplation of filing bankruptcy or (2) to incur
debt to pay legal fees for a bankruptcy.<span style="mso-spacerun: yes;">
</span>In the first view, it analyzes that Supreme Court’s holding in <i style="mso-bidi-font-style: normal;">Milavetz</i>.<span style="mso-spacerun: yes;"> </span>There, the Supreme Court suggested that the statute
should be read as prohibiting advice “either” to incur debt in contemplation of
filing bankruptcy or to pay bankruptcy related fees.<span style="mso-spacerun: yes;"> </span>As explained in more detail below, the
Supreme Court found that a violation of § 526(a)(4) requires that the advice to
incur debt be given for an improper purpose.<span style="mso-spacerun: yes;">
</span>Since that case did not concern payment of fees, that portion of the
statute was not addressed.<span style="mso-spacerun: yes;"> </span>In analyzing <i style="mso-bidi-font-style: normal;">Milavetz</i> in light of its application to
the payment of attorney’s fees, the Eleventh Circuit determined that the
Supreme Court’s use of the “either” separator would result in a prohibition to
the payment of any bankruptcy related fees and therefore, concluded that such a
view would not be rational or applicable in this case.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"></span>The second interpretation was
proposed by KEL, who suggested that advising a bankruptcy client to incur debt
to pay attorney’s fees should only be prohibited if the advice was given for an
improper purpose.<span style="mso-spacerun: yes;"> </span>Again, the Eleventh
Circuit applied <i style="mso-bidi-font-style: normal;">Milavetz</i> to its
analysis.<span style="mso-spacerun: yes;"> </span>The question in <i style="mso-bidi-font-style: normal;">Milavetz</i> was whether First
Amendment attorney-client communications, whether for affirmative advice or for
discussion of various options, were restricted by the first provision of §
526(a)(4).<span style="mso-spacerun: yes;"> </span>The Supreme Court in
determining that there was no constitutional violation, found that the phase
“in contemplation of” was a term of art associated with abusive conduct such as
loading up on debt with the expectation to discharge it.<span style="mso-spacerun: yes;"> </span>Therefore, it held that only advice to incur
debt for an improper purpose would fall under the statute.<span style="mso-spacerun: yes;"> </span>The Eleventh Circuit explained that under
KEL’s argument, § 526(a)(4) would be broken down as follows:</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 1in 10pt; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">the statute would prohibit advice “to incur more
debt in contemplation of [1] such person filing a case under this title or [2]
to pay an attorney” for bankruptcy-related legal representation.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">The Court
rationalized that such a reading was not syntactically correct and otherwise,
rendered the second portion meaningless since incurring debt for an improper
purpose is a qualifier for both provisions and payment of attorney’s fees be a
mere subset of the first provision.<span style="mso-spacerun: yes;">
</span>Therefore, this argument was rejected.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"></span>Finally, the third view, was
adopted by the Eleventh Circuit as being the correct view, breaks down the
statute as follows:</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 1in 10pt; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Under this reading, the hinge comes after the phrase
“to incur more debt,” such that the statute prohibits advice “to incur more debt”
either (1) “in contemplation of” a bankruptcy filing or (2) “to pay an
attorney” for bankruptcy-related legal services.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">The Court
explained that under this interpretation, there is no requirement that the
payment of attorney’s fees be premised on improper advice, only that there was
advice to incur debt to pay the fees.<span style="mso-spacerun: yes;">
</span>Therefore, even though Cadwell’s complaint may not have included
allegations of advice given for an improper purpose, this was not necessary
under the Eleventh Circuit’s ruling.</span></div>
<div class="MsoNormal" style="margin-left: 0in; text-align: justify; text-indent: 0in;">
<br /></div>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="mso-tab-count: 1;"></span>While
some attorneys may prefer or be pressured to accept credit cards as a form of
payment for bankruptcy clients, <i style="mso-bidi-font-style: normal;">Cadwell</i>
is clearly instructive that such a practice could be quite costly.<span style="mso-spacerun: yes;"> </span>On remand, we will see if the district court
is inclined to certify a class and ultimately impose punitive damages.</span><br />
<br />
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Ed. Note: The Commercial Law League of America submitted an amicus brief in <i>Milavetz.</i> The League contended that if Sec. 526(a)(4) was read literally, it would prohibit attorneys from advising clients to incur debt for proper purposes. The result reached by the Supreme Court--that only advice to incur debt for an improper purpose--was covered by the statute was consistent with CLLA's position. You can read CLLA's brief <a href="https://www.americanbar.org/content/dam/aba/publishing/preview/publiced_preview_briefs_pdfs_07_08_08_1119_PetitionerAmCuCLLA.authcheckdam.pdf">here.</a></span>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-822950240594244240.post-9408312906666840982018-03-01T14:36:00.003-08:002018-03-01T14:45:54.160-08:00SOMETHING AMAZING – A UNANIMOUS OPINION BY THE UNITED STATES SUPREME COURT IN A BANKRUPTCY CASE, AFFIRMING AND REMANDING TO THE SEVENTH CIRCUIT REGARDING THE SAFE HARBOR OF 11 U.S.C. § 546(e): MERIT MANAGEMENT GROUP, LP v. FTI CONSULTING, INC.<!--[if gte mso 9]><xml>
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<span style="font-size: large;">Hon. Judith K. Fitzgerald (Ret.)</span><br /><span style="font-size: large;">Tucker Arensberg, P.C.</span><br /><span style="font-size: large;">Professor in Practice, University of Pittsburgh School of Law</span></div>
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<span style="font-size: large;">Once in a while, a Supreme Court opinion crosses my desk that I cannot ignore. Such was the case today. The United States Supreme Court issued its opinion in <i>Merit Management, LP v. FTI Consulting, Inc.</i>, a unanimous opinion made more exciting by the fact that it affirmed the Seventh Circuit’s decision regarding the scope of the safe harbor provisions of 11 U.S.C. § 546(e) in a case that arose from a failed harness racing endeavor. (The opinion can be found <a href="https://bkinformation.com/newcases/casecopies/Merit-2-28-2018.pdf">here</a>). Perhaps even more surprising, the Court interpreted a section of the Bankruptcy Code that led to a split in the circuits using a “plain meaning” approach.</span></div>
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<span style="font-size: large;">We all know that trustees in bankruptcy can exercise “avoiding” powers in their efforts to equalize treatment and maximize funds available for distribution to creditors. In essence, a trustee can undo certain transactions and transfers that took place before the bankruptcy was filed. But we also know that there are exceptions to those avoiding powers. An exception protects the transfer from avoidance and leaves the parties to the transaction in the same position they were in before the bankruptcy. Creditors do not benefit from a trustee’s efforts when an exception applies. </span></div>
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<span style="font-size: large;">One frequently claimed exception to certain securities transfers is known as the “safe harbor” exception. Section 546(e) of the Bankruptcy Code provides that a trustee cannot avoid a transfer of “settlement payment” made by or to (or for the benefit of) certain financial institutions or that is a transfer made by or to (or for the benefit of) certain financial institutions “in connection with a securities contract.” A split in the circuits existed as some courts (the Second, Third, Sixth, Eighth, and Tenth Circuits) had decided that the securities safe harbor applied to transactions facilitated by financial institutions even when serving only as an intermediary or conduit whereas other courts (the Seventh and Eleventh Circuits) ruled the other way and refused to apply the safe harbor provisions to those situations. In this case, one party (Valley View) obtained the last harness racing license in Pennsylvania but never opened for business as it was not able to obtain slot-machine licenses in the time required by its financing package.</span></div>
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<span style="font-size: large;">Valley View and Centaur, its parent, filed bankruptcy. After a plan was confirmed, FTI was appointed trustee of the Centaur litigation trust. Litigation ensued in FTI’s effort to set aside the ultimate transfer at issue (payment for stock), which occurred in several steps with various financial institutions involved in the sequence. The Supreme Court explained the substance of the transactions thus: </span></div>
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<span style="font-size: large;">On one side, Merit [a seller of stock to Valley View] posits that the Court should look not only to the Valley View-to-Merit end-to-end transfer, but also to all its component parts. Here, those component parts include one transaction by Credit Suisse to Citizens Bank (i.e., the transmission of the $16.5 million from Credit Suisse to escrow at Citizens Bank), and two transactions by Citizens Bank to Merit (i.e., the transmission of $16.5 million over two installments by Citizens Bank as escrow agent to Merit). Because those component parts include transactions by and to financial institutions, Merit contends that §546(e) bars avoidance. </span><br />
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<span style="font-size: large;">FTI, by contrast, maintains that the only relevant transfer for purposes of the §546(e) safe-harbor inquiry is the overarching transfer between Valley View and Merit of $16.5 million for purchase of the stock, which is the transfer that the trustee seeks to avoid under §548(a)(1)(B).Because that transfer was not made by, to, or for the benefit of a financial institution, FTI contends that the safe harbor has no application.</span></blockquote>
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<span style="font-size: large;"><i>Merit Management, LP v. FTI Consulting, Inc.</i>, p. 10.</span></div>
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<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In the initial litigation, the District Court agreed with Merit and applied the safe harbor. On appeal, that ruling was reversed by the Seventh Circuit. The U.S. Supreme Court accepted certiorari to resolve the split in the circuits.</span></div>
<span style="font-size: large;"><br /></span>
<br />
<div style="text-align: justify;">
<span style="font-size: large;">After reviewing the history of bankruptcy avoidance powers and the safe harbor exception, the Supreme Court reverted to the “plain meaning” construct and ruled that section 546(e) is clear; there is only one transfer at issue. The relevant transfer is the overarching one the trustee wants to avoid under an applicable avoidance power, regardless of how many component parts take place prior to the ultimate termination of the transaction. Unless the transaction was “by, to or for the benefit of” a financial institution, the safe harbor exception does not apply. The Court specified that section 546(e) encompasses only those transfers by, to or for the benefit of a financial institution --“Not a transfer that involves. Not a transfer that comprises. But a transfer that is a securities transaction covered under §546(e).” <i>Merit Management, LP v. FTI Consulting, Inc</i>., p. 13.</span></div>
<span style="font-size: large;"><br /></span>
<br />
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<span style="font-size: large;">Although the opinion leaves open other questions and does not clarify every type of transfer in which a financial institution is involved, as a result of the Supreme Court’s ruling, relying on a plain meaning textual analysis, we now have a bright line test to apply. Where the financial institution did nothing more than act as a conduit to facilitate a transaction for other parties, the safe harbor does not apply to protect the ultimate transferee and the transaction can be avoided if the trustee satisfies the terms of the underlying avoidance provision.</span></div>
<span style="font-size: large;"><br /></span>
<br />
<div style="text-align: justify;">
<span style="font-size: large;">Retired U.S. Bankruptcy Judge Judith K. Fitzgerald is a shareholder at Tucker Arensberg, P.C. in Pittsburgh, PA. Visit her page at www.tuckerlaw.com. </span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Hon. Judith K.
Fitzgerald (Ret.)</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"><a href="mailto:jfitzgerald@tuckerlaw.com" target="_blank"><span style="color: blue;">jfitzgerald@tuckerlaw.com</span></a></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">412-594-3933</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9nk5A5wVmc6_k5hlxFb5y7sRFuRn-xf3UBLvvVZcp0gDnfwGbk4KOpUNPvcM7nutX1p0tim6GWtkg7-ETcikp88VB9XxU2cmPHfDFZiAGa1kB8EDH9oRgsQC_ci8uOD6Ko7NSZpaMmFU/s1600/Fitzgerald-Judith-1-214x300.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="214" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9nk5A5wVmc6_k5hlxFb5y7sRFuRn-xf3UBLvvVZcp0gDnfwGbk4KOpUNPvcM7nutX1p0tim6GWtkg7-ETcikp88VB9XxU2cmPHfDFZiAGa1kB8EDH9oRgsQC_ci8uOD6Ko7NSZpaMmFU/s200/Fitzgerald-Judith-1-214x300.jpg" width="142" /></a><i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">In
re Sunnyslope Hous. Ltd. P’ship</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">, 859 F.3d 637 (9th Cir. 2017), <i style="mso-bidi-font-style: normal;">as amended</i> (June 23, 2017)(“<i style="mso-bidi-font-style: normal;">Sunnyslope</i>”),
is a noteworthy case for secured lenders. The case involves confirmation
of the cram down plan proposed by Sunnyslope Housing Limited Partnership (the
“Debtor” or “Sunnyslope”) in its Chapter 11 bankruptcy case. The dispute
now in the courts concerns what a debtor must pay under a plan if the debtor
proposes to keep real property over the objection of a secured lender.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">In <i style="mso-bidi-font-style: normal;">Sunnyslope,</i> the United States Court of Appeals for the Ninth
Circuit, sitting <i style="mso-bidi-font-style: normal;">en</i> <i style="mso-bidi-font-style: normal;">banc,</i> created a split with the Seventh
Circuit and other lower courts in finding that <i style="mso-bidi-font-style: normal;">Associates Commercial Corp. v. Rash</i>, 520 U.S. 953, 965, 117 S.Ct.
1879, 1886, 138 L.Ed.2d 148 (1997) (“<i style="mso-bidi-font-style: normal;">Rash</i>”),
mandated the application of the replacement-value standard. The Supreme
Court defined that standard as the amount a willing buyer would pay on the open
market for like property.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><i>Sunnyslope </i>involved a low income housing project. So long as the Debtor owned it, it could only be used for that purpose. However, if the lender foreclosed, it would be free to dispose of the property as it wished. Thus, the case posed the paradox of a property worth less as a going concern than in a liquidation. </span></div>
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<u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">The <i style="mso-bidi-font-style: normal;">Sunnyslope</i> Decision</span></u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">. In <i style="mso-bidi-font-style: normal;">Sunnyslope</i>,
the secured lender, First Southern National Bank (“FSNB”), argued that the
foreclosure value of the property should have been used to determine the amount
of its secured claim under §506(a)(1). Before the bankruptcy was filed a state
court receiver had obtained a purchase offer that was much higher than the
value that the debtor attributed to the property in its plan. The key
difference for valuation was that Sunnyslope proposed to continue using the
property for low-income housing and valued it that way. FSNB objected,
contending that the use restrictions would be divested through foreclosure,
thereby enabling the property to be used for a higher and better purpose. The
valuation difference was significant. Without use restrictions, the purchase
offer was $7.65 million. In its bankruptcy, Sunnyslope proposed a value of $3.9
million because of the use restrictions. The bankruptcy court confirmed the
debtor’s plan that proposed to pay the secured lender only $3.9 million, with
interest at 4% (a lower rate than in the original loan), over 40 years, with a
balloon at the end. Through this plan, the lender would recover
significantly less that the $7.65 million foreclosure value.</span></div>
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<u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">The Split on the Correct Test for
Value</span></u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">. Whether
a bankruptcy court is required to apply only replacement value is open to
debate and academics and judges strongly disagree. Some feel that <i style="mso-bidi-font-style: normal;">Rash</i> is limited to Chapter 13 cram down
cases and/or to personal property valuation. Rash involved a chapter 13
plan and the proposed retention of a truck, so foreclosure value was
significantly lower than replacement value. But other courts have not
conceded that <i style="mso-bidi-font-style: normal;">Rash</i> applies in Chapter
11 cases or in cases involving real property. For example, in <i style="mso-bidi-font-style: normal;">United Air Lines, Inc. v. Reg’l Airports
Imp. Corp</i>., 564 F.3d 873 (7th Cir. 2009), in valuing airline terminal gates
that the debtor had improved, the Court of Appeals for the Seventh Circuit
determined that foreclosure value operates to set a floor on the secured
creditor’s recovery. That court stated: “[i]f the Lender foreclosed and
took over the space, it could rent the gates to United or some other airline at
more than $17 a square foot- at perhaps four times that much, to go by prices
at the airport’s one terminal that leases fully built-out gates.” <i style="mso-bidi-font-style: normal;">Id.</i> at 876-77.</span></div>
<div class="MsoNormal" style="line-height: 200%; text-indent: .5in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">The Third Circuit Court of Appeals
has articulated a somewhat different standard. In<i style="mso-bidi-font-style: normal;"> In re Heritage Highgate, Inc</i>., 679 F.3d 132 (3d Cir. 2012), the
court adopted the replacement value standard identified in <i style="mso-bidi-font-style: normal;">Rash,</i> and applied it in a case that involved real
property. However, that court equated replacement value with the asset’s fair
market value, as “most respectful of a property’s anticipated use.” <i style="mso-bidi-font-style: normal;">Id.</i> at 142.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">The variation in approaches leads to
a lack of uniformity in the bankruptcy process and calls into question what
valuation standard applies to confirmation of a cram down plan. When a
debtor chooses to retain the collateral rather than to return it to the secured
creditor, the Bankruptcy Code requires the plan to provide the creditor
“deferred cash payments totaling at least the allowed amount of such claim, of
a value, as of the effective date of the plan, of at least the value of such
holder’s interest in the estate’s interest in such property.” §
1129(b)(2)(A)(i)(II). Does <i style="mso-bidi-font-style: normal;">Rash </i>mandate
the use of replacement value even when that valuation method returns less to
the secured creditor than it could obtain on its own using its state law
rights? Until the Supreme Court decides the issue, debtors and secured
creditors are in limbo.</span></div>
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<u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">Supreme Court Review.</span></u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"> In an effort to have uniformity
added to asset valuation in cram downs, as an amicus party, I initiated a brief
that has been filed with the United States Supreme Court, asking that
Court to accept a writ of certiorari to the Ninth Circuit and decide the
question. I have been joined by several academics who specialize in
bankruptcy law and other retired bankruptcy judges. The amici take no
position on the merits of this question but join together in an effort to have
the Supreme Court clarify whether Rash applies to Chapter 11 cases where real
property is retained by the debtor.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">A copy of our brief can be accessed
here <a href="http://www.tuckerlaw.com/wp-content/uploads/2017/10/Amicus-Brief.pdf"><span style="color: blue;">Amicus Brief</span></a></span></div>
<div class="MsoNormal" style="line-height: 200%;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">The amici are represented by <a href="mailto:bmanne@tuckerlaw.com"><span style="color: blue;">Beverly Weiss Manne</span></a>,
<a href="http://www.tuckerlaw.com/2017/10/26/secured-lenders-take-note-re-sunnyslope-something-want-know/rtucker@tuckerlaw.com"><span style="color: blue;">Richard Tucker III</span></a>, and <a href="mailto:mburne@tuckerlaw.com"><span style="color: blue;">Matthew Burne</span></a>
of Tucker Arensberg, P.C. with offices in Pittsburgh, Harrisburg and Manhattan.</span></div>
<div class="MsoNormal" style="line-height: 200%;">
<br /></div>
<br /><br />
Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-822950240594244240.post-58538471899168904992017-10-15T14:45:00.001-07:002017-10-16T09:09:45.759-07:00CLLA Programs at NCBJ: Bankruptcy and the Supreme Court, Debtor Asset Protection Trusts and Jevic--The Inside Story<div style="text-align: center;">
Stephen W. Sather</div>
<div style="text-align: center;">
Barron & Newburger, P.C.</div>
<div style="text-align: center;">
Austin, TX </div>
<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi62n9h5S0Hpq-5ssz65ekQ3kycGVEa6t_JzpI93gkQtUsl0zCGWMnpymxRrPLecYWo_TwY6xHQvlzM30sB1lmW62xJVnYJSWNw1v_TlNj4Lc2DdOdS3XvSL3y1F_5ntbfuAli0F5AU1Cs/s1600/Steve0196%2528Medium%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="600" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi62n9h5S0Hpq-5ssz65ekQ3kycGVEa6t_JzpI93gkQtUsl0zCGWMnpymxRrPLecYWo_TwY6xHQvlzM30sB1lmW62xJVnYJSWNw1v_TlNj4Lc2DdOdS3XvSL3y1F_5ntbfuAli0F5AU1Cs/s200/Steve0196%2528Medium%2529.jpg" width="133" /></a>The Commercial Law League presented a full slate of programs at the National Conference of Bankruptcy Judges in Las Vegas this year. The program lead off with a luncheon including the presentation of the Lawrence King Award and a Keynote Address by Erwin Chemerinsky and then moved to two panels on Debtor Asset Protection Trusts and Jevic--The Inside Story. Taken together the programs offered a deep dive into all things bankruptcy and insolvency related.<br />
<br />
<b>The King Award</b><br />
<br />
The CLLA presented this year's Lawrence King Award to Prof. Nancy Rapoport of the University of Nevada, Las Vegas School of Law.<br />
<br />
<div style="text-align: justify;">
Nancy
Rapoport is the Special Counsel to the President of the University of
Nevada, Las Vegas, the Garmin Turner Boyd Professor of Law at the
William S. Boyd School of Law and an Affiliate Professor of Business Law
and Ethics at the Lee Business School. She has served as Dean or
interim Dean of three separate law schools. </div>
<div style="text-align: justify;">
<br />
<a name='more'></a><br /></div>
<div style="text-align: justify;">
She received the Distinguished Alumna Award from Rice University. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Prof.
Rapoport is a recognized expert in ethics. She is the author of
Enron and Other Corporate Fiascos: The Corporate Scandal Reader and
appeared in the Academy Award nominated move Enron: The Smartest Guys
in the Room. She is currently serving on the Fee Review Committee in
the Caesars Entertainment Operating Co., Inc. bankruptcy. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
She
is also a Board Member of the National Museum of Organized Crime and
Law Enforcement (the MOB Museum). In her spare time, she competes,
pro-am, in American Rhythm and American Smooth ballroom dancing. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
her introduction of Prof. Rapoport, Wanda Borges of the CLLA quoted her
as saying, "My parents taught me everything. They taught me how to
live a moral life." Wanda quoted the President of UNLV as saying, "If
she was a superhero, her power would be enthusiasm."</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
receiving the award, she said she was "flabbergasted but not
speechless." She went on to offer two true confessions: that she
took bankruptcy pass/fail and never took professional responsibility.
She said she had no interest in bankruptcy and intended to be a
securities lawyer--until she began to work as a securities lawyer.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaiWis0N9PjYLLaVfuSj24gLARFYD_tmbGTFtZcP8Bw4ljCdqYfIpxYPiV_0he6LONcfpaHdcCC1VyrtwkNfy7IKAwJjpyqnHhtaKayAdP2oi2rId0TKAbU5Pu3ijfFGD19rccRXUZjub0/s1600/20171009_133935.jpg" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaiWis0N9PjYLLaVfuSj24gLARFYD_tmbGTFtZcP8Bw4ljCdqYfIpxYPiV_0he6LONcfpaHdcCC1VyrtwkNfy7IKAwJjpyqnHhtaKayAdP2oi2rId0TKAbU5Pu3ijfFGD19rccRXUZjub0/s320/20171009_133935.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Prof. Rapoport Accepts the King Award</td></tr>
</tbody></table>
Prof. Rapoport said "I have built a career out of the
intersection of bankruptcy law and professional responsibility. I love
bankruptcy law. I love that bankruptcy lawyers find ways to make the
pie bigger. I love the people." She also said that "good lawyers
have the ability to change the world for the better."</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Finally
she said "We are at a pivotal point for the practice of law. Our
margins are tighter. Think about where the practice of law should go."
She said that she teaches law students that it is more important to
listen to the other side than to push your own position.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
On
a personal note, I have enjoyed attending many continuing legal
education programs where Nancy spoke. She spoke on legal ethics at the
very first Commercial Law League meeting that I attended. Although she
is kind of a big deal, she came and presented a showing of The Smartest
Guys in the Room to the Austin Bankruptcy Bar. Her ability to
include clips from lawyer movies in her ethics presentations has given
me many laughs while making good points. Finally, I am amazed by the
pictures she posts on Facebook of her ballroom dancing exploits. <br />
<br />
<b>Erwin Chemerinsky on the Supreme Court</b><br />
<br />
<div style="text-align: justify;">
The
Commercial Law League of America presented a keynote address from Dean.
Erwin Chemerinsky, of UC Berkeley Law School at its annual luncheon.
Dean. Chemerinsky discussed his main area of expertise in a talk
entitled The Supreme Court: Appointments to and Statutory and
Constitutional Interpretation by the Court in Bankruptcy Cases. He
spoke for over an hour without notes.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
He
started by talking about the place of bankruptcy cases in the Supreme
Court's jurisprudence. Although bankruptcy cases outnumber every other
case in the federal system, the Supreme Court only takes two or three
bankruptcy cases in a given term. He noted that of the current
justices on the court only one had served as a trial court judge and
several justices had never argued a case in any court before being
appointed to the Supreme Court. As a result, the Court is taking fewer
and fewer cases. For much of the 20th Century, the Court heard as
many as 200 cases a term. Last term the Court heard only 59 cases (not
counting cases decided without argument). </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
bulk of his talk discussed the battle between the formalists and the
realists on the Court. He offered three theses: 1) we have and are
likely to continue to have a conservative Supreme Court; 2) the
conservatives and some of the liberals tend to be quite formalistic; and
3) this trend is undesirable. </div>
<div style="text-align: justify;">
<br />
<br /></div>
<div style="text-align: justify;">
<b>A Conservative Court</b> </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Since
1971, the Supreme Court has had five to eight justices appointed by
Republican presidents. With the death of Antonin Scalia, the Court was
split 4-4 for a brief period of time. This led to a remarkable fight
in Congress. In recent years (I missed the exact number), there have
been twenty-four justices nominated during the final two years of a
president's term. Of those, 21 were confirmed and three were voted
down. However, until the nomination of Merrick Garland, there had never
been a nominee who was simply ignored. Until the nomination of Neil
Gorsuch, no nominee had ever been filibustered. The Senate had to
change its rules to end the filibuster by a majority vote. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHmRzO5kwkCTFEdlTkcrCqkFGAyykcUqt1eeud_3S7XgUFXwA92DnsYRLSwKFqkC33cW56DFKhpN1crODJ7fJ-KXRppkMB9qR4zmrLVHDazx3cqeRKSyMRloR3yp9iSypUEojRwVzUtU91/s1600/20171009_135247+%25282%2529.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="900" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHmRzO5kwkCTFEdlTkcrCqkFGAyykcUqt1eeud_3S7XgUFXwA92DnsYRLSwKFqkC33cW56DFKhpN1crODJ7fJ-KXRppkMB9qR4zmrLVHDazx3cqeRKSyMRloR3yp9iSypUEojRwVzUtU91/s320/20171009_135247+%25282%2529.jpg" width="180" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dean Erwin Chemerinsky</td></tr>
</tbody></table>
Justice Gorsuch appears to be very conservative.
Since taking the bench, he has voted with Clarence Thomas 100% of the
time. In contrast, Antonin Scalia only voted with Thomas 81% of the
time. The Court's current makeup consists of three consistently
conservative justice (Alito, Gorsuch and Thomas), one most conservative
justice (Roberts), four consistently liberal justices (Breyer, Ginsberg,
Kagan and Sotomayor) and Anthony Kennedy as the swing vote. Justice
Kennedy votes with the majority 97% of the time. Eliminating unanimous
decisions, he still sides with the majority 94% of the time. The Dean
tells his students to shamelessly pander to Justice Kennedy in their
Supreme Court briefs.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
age of the current justices indicates that conservative domination is
likely to continue for decades. Since 1960, the average age where
justices retired from the court was 78. Three of the liberal/swing
justices are currently over 78 (Ginsberg, Breyer and Kennedy). In
contrast, three Republican appointees are likely to serve for an
additional fifteen years (Alito, Thomas and Roberts) while Justice
Gorsuch could possibly serve as many as forty years. Thus, the Court
is likely to remain very conservative for decades to come.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Formalists Formulate More Opinions</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Dean
Chemerinsky said that the conservatives and some liberals tend to be
very formalistic. Formalism is the view that judges take undisputed
legal premises and apply them to the facts. Formalism is often
dominated by "plain meaning" analysis. Formalism was the dominant
approach to constitutional law through the 19th Century when the legal
realists tried to blow it up. The legal realists argued that there are
political decisions which form the basis for so-called undisputed legal
premises so that courts should look at the values being served rather
than pretending to apply neutral principles. However, formalism is
alive and well in the Supreme Court, especially when it comes to
bankruptcy decisions.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u>Formalism in Statutory Interpretation</u></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Dean Chemerinsky argued that <i>Henson v. Santander Consumer USA, Inc.</i>,
137 S.Ct. 1718 (2017) was an example of formalism. The question was
whether the FDCPA should apply to anyone who has purchased debts. The
Court ruled that it did not apply to creditors who purchased debts prior
to default. He described this as very formalistic. He said that
formalism rejects consideration of the legislative purpose, let alone
the legal history. The definition of "debt collector" under the FDCPA
includes a person who regularly collects or attempts to collect debts
owed to another. He claimed that it was just as reasonable to construe
this provision to anyone who collects debts. He said that the purpose
of the statute would be furthered by applying it to all persons who
collect debts. (I'm not sure I buy that analysis, but he is a really
smart guy). </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In <i>Midland Funding, LLC v. Johnson</i>,
137 S.Ct. 1407 (2017), the Court was asked whether a proof of claim
filed on a debt that was barred by the statute of limitations violates
the FDCPA. There is nothing in the Bankruptcy Code which bars the filing
of a time-barred debt. According to Dean Chemerinsky, Justice Breyer
wanted to take a plain meaning approach to what is false, deceptive,
misleading, unfair, or unconscionable. However, Justice Sotomayor, in
dissent, was concerned by the fact that the courts were being "deluged"
with bad debts. The professor asked why it wouldn't be unfair to
file a debt that the creditor knew was time-barred?</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Going back a few years to <i>Law v. Siegel</i>,
134 S.Ct. 1188 (2014) a debtor sought to fraudulently invent liens
which would keep the value of his property within the California
exemption limit. The Bankruptcy Court would have denied the exemption
based on the fraud. However, a unanimous Supreme Court reversed based
on the plain language of Sec. 522. He said that the formalists don't
want to focus on the consequences of the decision and instead look just
at the plain meaning. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSFiIMcfcIxuqbCV0y4WTZk5VfJncQKUs6l5ym_83L0s5xFvZB01GqH5a2bgwRwA-5L5txSAaiUkK_TkybCs-6_VXmv6BKMwD98KO_yYOEfFSm_i9jhCjBkx2HBhpSNfy0DH329Qe34EzK/s1600/20171010_185339+%25283%2529.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="900" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSFiIMcfcIxuqbCV0y4WTZk5VfJncQKUs6l5ym_83L0s5xFvZB01GqH5a2bgwRwA-5L5txSAaiUkK_TkybCs-6_VXmv6BKMwD98KO_yYOEfFSm_i9jhCjBkx2HBhpSNfy0DH329Qe34EzK/s320/20171010_185339+%25283%2529.jpg" width="180" /></a>On the other hand, <i>Marrama v. Citizens Bank</i>,
549 U.S. 365 (2007) was a functional decision. The Bankruptcy Code
said that a debtor had an absolute right to convert to chapter 13. The
liberal justices said that it would be a waste of time to allow a
debtor to convert to chapter 13 if the case would just be converted back
to chapter 7. The four conservatives said just follow the statute.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Dean Chemerinsky said that it is impossible to reconcile <i>Law v. Siegel</i> with <i>Marrama</i>. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u>Formalism in Constitutional Analysis</u></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Prof. Chemerinsky described <i>Northern Pipeline Construction Co. v. Marathon Pipeline Co., </i>102
S.Ct. 2858 (1982) as one of the worst cases decided by the Supreme
Court. The issue was whether a Bankruptcy Court could enter a final
judgment on a state law claim between two non-bankrupt parties. The
Court voted 6-3 to strike down the jurisdictional scheme of the original
Bankruptcy Code. However, no opinion commanded a majority. He said
that Justice Brennan's plurality opinion was the epitomy of formalism.
It gave no reasons why judges appointed under Article I could not rule
on state law matters. After all, he asked, who normally rules on state
law matters? State courts. State judges do not have life tenure.<br />
<br />
However,
the subtext of the opinion had nothing to do with bankruptcy. It was
the Reagan era. Congress was seeking to restrict the authority of
courts to consider hot button issues, such as abortion and school
busing. In <i>Northern Pipeline</i>, the Supreme Court sent a message
to Congress that if it attempted to restrict its jurisdiction, it would
be unconstitutional. After <i>Northern Pipeline</i>, the Court took a functional approach in cases such as <i>Commodity Futures Trading Commission v. Schor</i>,
478 U.S. 833 (1986) where they considered where a grant of power to a
non-Article III court would undermine the Article III judiciary. </div>
<div style="text-align: justify;">
<br /></div>
The Court veered back into formalism with <i>Stern v. Marshall</i>,
131 S.Ct. 2594 (2011). Chief Justice Roberts' majority opinion could
not have been more formalistic. While the majority acted as though
practical consequences didn't matter, Justice Breyer's dissent was
focused on the confusion that would result from the opinion.<br />
<br />
Four terms later the Court backed away from formalism when it decided <i>Wellness International Network, Ltd. v. Shariff</i>,
135 S.Ct. 1932 (2015). The issue was whether an Article I Bankruptcy
Judge could render a final judgment with consent. By a vote of 6-3, the
Court said yes. Justice Sotomayor's majority opinion followed the <i>Schor</i>
case's doctrine that delegation to a non-Article III tribunal was only
unconstitutional when it undermined the Article III courts. The
difference between <i>Stern v. Marshall</i> and <i>Wellness</i> was that
Justices Alito and Kennedy changed their minds. Why did they do
this? It had nothing to do with bankruptcy. Rather, both Justices
were concerned about Magistrate Judges. If Stern was followed to its
formalistic conclusion, it could render Magistrate Judges
unconstitutional as well and both justices had previously written
opinions upholding Magistrate Judges.<br />
<br />
Dean Chemerinsky cautioned that <i>Wellness</i> will not put formalism to rest. The Court vacillates between formalism and functionalism from case to case.<br />
<br />
<b>The Critique of Formalism</b><br />
<br />
The
legal realists offered a critique of formalism a century ago.
Formalism provided a false certainty. Do fixed legal principles really
provide answers with certainty? Formalism makes it look like the
justices are not deciding how a case should turn out; it hides what's
really happening.<br />
<b> </b><br />
Dean Chemerinsky suggested that
we should be asking what was Congress's purpose? In his view, the
Court got Congress's purpose wrong in both <i>Henson</i> and <i>Midland Funding</i>. He said that there was no good reason to object to bankruptcy courts deciding state law issues.<br />
<br />
In
conclusion, he asked, what should we do? He said that academics need
to explode the myth of formalism. The Dean said that he hoped that the
academic criticism of <i>Stern v. Marshall </i>caused Justices Alito and Kennedy to back away in <i>Wellness</i>.<br />
<br />
In
the meantime, lawyers and judges should be aware that the Supreme Court
is going to be receptive to formalistic arguments for a long time to
come. The take-away he said is the what if? What if Hillary Clinton
had defeated Donald Trump? What if there had not been hanging chads in
Florida in 2000? What if John Kerry had been elected? The Supreme
Court would have looked much different today. The bottom line is that
elections matter. And then he sat down.<br />
<br />
Note: I did
not use direct quotes in this article because I was not confident in my
note-taking. In some passages, I added or rearranged words to better
reflect the sense of what Dean Chemerinsky was saying when my notes came
off as wooden and jerky. Dean Chemerinsky was anything but wooden and
jerky so I did not want to portray him in that way. However, I am
pretty sure that the last sentence of his address is pretty close to
verbatim. </div>
<div style="text-align: justify;">
<br />
<b>Asset Protection Trusts--How to Make Them and How to Break Them</b><br />
<br />
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHgtdNo9twcV4KhUXx98pZ21ygxBZDyi5jZrIeNSQcYNZXZAj8l8pwDNa8mDv8yD5eHk7JkQHfpm4V46WqAFAd8iR4eWZZYSCzabBFM3iG4evBhA5m9taNqz10ceIpIFXkN7kkVPGHVTUR/s1600/20171009_151739+%25282%2529.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHgtdNo9twcV4KhUXx98pZ21ygxBZDyi5jZrIeNSQcYNZXZAj8l8pwDNa8mDv8yD5eHk7JkQHfpm4V46WqAFAd8iR4eWZZYSCzabBFM3iG4evBhA5m9taNqz10ceIpIFXkN7kkVPGHVTUR/s320/20171009_151739+%25282%2529.jpg" width="320" /></a></div>
<div style="text-align: justify;">
Asset
Protection Trusts--How to Make Them and How to Break Them examined a
phenomenon emerging in the laws of several states, including Nevada.
This panel was moderated by Ron Peterson of Jenner &amp; Block with
Neal Levin of Freeborn &amp; Peters, Judith Greenstone Miller of
Jaffe Raitt Heuer Heuer &amp; Weiss, P.C., Rebecca Hume of Kobre
&amp; Kim, and Judge Brian F. Kenney of the U.S. Bankruptcy Court
for the Eastern District of Virginia.<br />
<br />
To receive a copy of the materials for this program, please send an email to ssather@bn-lawyers.com.<br />
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
According
to Judith Greenstone Miller, there are now seventeen states that allow
Debtor Asset Protection trusts ("DAPs"). Some states have a statute
of limitations as short as eighteen months to challenge a DAP while
others may allow up to four years or more for an existing creditor that
did not have knowledge of the transfer. Some states require an
affidavit of solvency.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Michigan
was the seventeenth state to allow DAPs in March 2017 and amended the
Uniform Fraudulent Transfer Act (UFTA) to exempt a "qualified
disposition." There are also variations in state law between those
following the Uniform Fraudulent Transactions Act (UVTA) and the Uniform
Voidable Transfers Act. While UFTA does not have a specific choice of
law provision, UVTA does. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Ms.
Miller explained that DAPs require giving up control and that high net
worth indiiduals don't like to give up control. DAPs are attractive
to individuals with plenty of assets now who fear future liabilities
such as doctors. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
Michigan, DAPs must be irrevocable. The Trustee must reside in
Michigan. The settlor must execute an affidavit that the transfer of
assets into the trust will not render them insolvent and that they are
not subject to pending litigation other than as described. They may
retain the power to direct investments and request distributions of
income and principal although they cannot demand a distribution. The
sole means to challenge a DAP is to bring an action under the UVTA by
clear and convincing evidence. The statute of limitations in
Michigan is shortened from six years to two years, although it starts at
the time of the qualified disposition. If a claim arises after the
disposition, the statute of limitations is two years from when the claim
arises. Beyond the state statute of limitations, the only resort is
to Sec. 548 of the Bankruptcy Code for actual intent to hinder, delay or
defraud. If a transfer is set aside, the property reverts to the
settlor and only to the extent necessary to satisfy the claim. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Neal
Levin described Nevada's DAP law, which he described as an "absolute
shield" for assets. It has been around since 1999 and has a two year
statute of limitations with a six month discovery rule. There is no
requirement for an affidvait of solvency. The burden of proof is clear
and convincing evidence. Additionally, the settlor retains incredible
control over the trust assets. He said that the only exception to the
Act's protections is an action under the UVTA.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge
Brian F. Kenney described the Virginia law as being one of the least
protective. He said that his state statute says that a transfer is not
voidable solely because is was made to a self-settled trust without
consideration. As with the law of several other states, Virginia's
statute contains a provision shielding professionals who structure a
transfer from liability. However, at the same time, Virginia adopted a
statute providing for sanctions against any party within its
jurisdiction who transfers assets with knowledge of a judgment. Thus,
there is some conflict in the law.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Rebecca
Hume came all the way from the Cayman Islands to discuss foreign asset
protection trusts which she described as a war between the world and the
debtor's assets with a gate that only the debtor has a key to. She
described the Cook Islands as the worst jurisdiction for creditors with
the Island of Nevis close behind. The law of the Cayman Islands
provides that issues relating to Cayman Islands trusts must be governed
by the law of the Cayman Islands and that any order of a foreign court
attempting to assert control over a Cayman Islands trust would be
unenforceable. In the Cook Islands, a claim must be brought within two
years of when the transfer was made. The creditor must prove a fraud
beyond a reasonable doubt. Further, the creditor must hire a lawyer in
the Cook Islands and may not enter into a contingent fee
arrangements. She said she knew of only one case where a Cook Islands
Trust was set aside. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge
Kenney said that Sec. 548(e) was added to the Code to address the
problem of DAPs. He said that it allows a ten year lookback for a self
settled trust and requires an intent to hinder, delay or defraud.
This standard relies on the traditional badges of fraud analysis.
The Trustee has two years to commence an action but that the statute
could be equitably tolled.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzqQ8TpFRFka5quiVG-f8KDfuAMUa5E1Lrp-58KfvxcuMfMgXrHp96t9-doqf6hzX2vW_Aw92HK2-74loYs37eTXsuvVn4U-UzWMSkId91q7J97y5GRFpnNyDYqkdI3AYqxbEuKpDFQuE/s1600/20171010_190633+%25282%2529.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzqQ8TpFRFka5quiVG-f8KDfuAMUa5E1Lrp-58KfvxcuMfMgXrHp96t9-doqf6hzX2vW_Aw92HK2-74loYs37eTXsuvVn4U-UzWMSkId91q7J97y5GRFpnNyDYqkdI3AYqxbEuKpDFQuE/s320/20171010_190633+%25282%2529.jpg" width="320" /></a></div>
Ron
Peterson asked Judge Kenney what he could do to a debtor who was
ordered to repatriate assets from a Cook Islands Trust but refused to do
so. He said that under Sec. 105(a), he has the power to enforce his
orders. He said that as a practical matter, incarceration for civil
contempt will often be referred to the U.S. District Court because the
District Court has more tools available to deal with incarceration. In
one case, a debtor named Sala raised the defense of impossibility but
the Court ruled that where is the impossibility is self-created, the
defense would be rejected. He described it as a game of chicken
between the debtor who is willing to sit in jail without giving up his
funds and the Court that keeps him there.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In <i>U.S. v. Grant</i>,
Neal Levin said that the settlor's widow raised the impossibility
defense saying "I asked for the money back but they said no." The
Court found that this was not sufficient to purge the contempt. </div>
<br />
<div style="text-align: justify;">
Mr.
Levin pointed out that one-third of the world's wealth is kept in
off-shore jurisdictions. He said that it was important to work with
professionals in the affected jurisdiction. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Ms.
Hume said that many offshore jurisdictions allow the settlor to retain
great control over the trust and would only impose an independent
trustee when "things get dicey." She said that settlors frequently
retain the policy to change the trustee. She pointed to a court of
appeals decision which required a settlor to disclose where trusts were
located and what was within them. She described a Privy Council
decision where a settlor had a power to revoke the trust but refused to
exercise that power. The Council held that it could appoint a receiver
over the power of revocation which allowed the trust to be revoked and
the money collected.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr.
Levin talked about how most wire transfers pass through New York
banks. Because these banks are in the United States, the U.S. Courts
have jurisdiction over them and they can be brought into the case. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Ron
Peterson pointed out that the U.S. has treaties with countries such as
Switzerland and that the U.S. Attorney can be brought to enforce the
treaty in limited instances.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr.
Levin pointed out that on the other side are "the forces of evil" such
as foreign judges who view their responsibility as limited solely to
enforce their laws and foreign professionals who want to protect their
fees. He also said that the United States is now considered to be the
largest recipient of offshore funds as foreign citizens are
transferring funds to DAPs in the United States. He described the
problem of professionals helping people conceal their assets as a
"pervasive problem."</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Ms.
Hume pointed out that the Cayman Islands are now parties to various
statutes requiring disclosures of cash transfers so that there is
greater transparency and less advantage to hiding assets in the Cayman
Islands.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
main take-away from the panel was that when dealing with DAPs or
offshore trusts, the key is to engage qualified professionals who
understand the local law in order to avoid committing malpractice
whether trying to set up one of these vehicles or challenging one.<br />
<br />
<br />
<b>Jevic--The Inside Story and the Impact on Future Chapter 11s</b><br />
<br />
<div style="text-align: justify;">
<i>Jevic</i>--The
Inside Story and the Impact on Future Chapter 11s featured participants
from the case offering their perspective on the case and what it
meant. Dan Dooley of MorrisAnderson was the Chief Restructuring
Officer for Jevic. Domenic Pacitti of Klehr Harrison was Debtor's
counsel. Rene Roupinan of Outten &amp; Golden represented the WARN
Act claimants. The panel was moderated by Judge Gregg W. Zive (Bankr.
D. Nev.). </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
I have previously written about <i>Jevic</i> <a href="http://stevesathersbankruptcynews.blogspot.com/2017/03/supreme-court-says-structured.html">here</a>. To receive a copy of the materials for this program, please send an email to ssather@bn-lawyers.com.<br />
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Jevic
Holding Company was a trucking company based in New Jersey. It had
been acquired by Sun Capital and was financed by CIT Group. CIT
requested that the debtor liquidate itself in Chapter 11. The Debtor
apparently gave WARN Act notices. However, New Jersey had its own
state statute which was stricter than the national statute.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5-7Q7ZCvauLQ8dAnlKnIWoC_ORDdXtefq-Oo7yOqZ_XkEpQI2ZSeQ5l1jSvLg9crZ_jrBmQJJ81nHrxzCbuBbKZBt12BRRpHRhaG9bqd6UCyFMH009fUjZQ5BJbO57XQvLBWfQENkLFEr/s1600/20171009_164449+%25282%2529.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5-7Q7ZCvauLQ8dAnlKnIWoC_ORDdXtefq-Oo7yOqZ_XkEpQI2ZSeQ5l1jSvLg9crZ_jrBmQJJ81nHrxzCbuBbKZBt12BRRpHRhaG9bqd6UCyFMH009fUjZQ5BJbO57XQvLBWfQENkLFEr/s320/20171009_164449+%25282%2529.jpg" width="320" /></a>When
the case was filed, the CRO Dan Dooley, negotiated a wind-down budget
which included $3.0 million for paying accrued wages and related payroll
obligations. After the company was liquidated, the Debtor was holding
$1.7 million which was subject to Sun's lien (it was also a secured
creditor). There were two other important pieces of litigation. The
WARN Act claimants sued the Debtor and Sun Capital. They alleged that
the Debtor and Sun were a unitary employer. The Official Committee of
Unsecured Creditors sued Sun and CIT to unwind the leveraged buyout as a
fraudulent transfer. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Eventually
a settlement was reached where Sun allowed the $1.7 million to be used
to pay creditors and CIT paid another $2.0 million to cover priority and
administrative claims. However, in the settlement Sun did not want any
money to go to the WARN Act claimants because they were also suing
Sun. As a result, a structured dismissal was set up which provided that
the settlement funds would be paid to creditors but not to the WARN Act
claimants. This involved skipping over the WARN Act claimants'
priority claims. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
Bankruptcy Court approved the structured dismissal and the Third
Circuit affirmed under the "rare circumstances" doctrine. The Supreme
Court reversed finding that a debtor could not violate the priority
scheme under the Bankruptcy Code in a non-consensual an end of case
distribution. The Court left open the possibility that paying creditors
out of sequence would be allowed in cases such as paying employee wage
claims and critical vendor claims where doing so would advance
Code-related goals.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr.
Pacetti (the Debtor's lawyer) explained that they used a structured
dismissal because there are only three ways to end a chapter 11 case--a
plan, conversion or dismissal. 11 U.S.C. Sec. 349(b) says that the
parties shall revert to the status quo ante unless the court "orders
otherwise." The structured dismissal was an attempt to have the court
"order otherwise." </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge
Zive focused on the Court's reference to allowing priorities to be
skipped based on a Code-related objective. He raised the case of <i>Motorola, Inc. v. Official Committee of Unsecured Creditors (In re Iridium Operating, LLC)</i>, 478 F.3d 452 (2nd Cir. 2007). In <i>Iridium</i>,
the debtor had claims against its parent, Motorola, and Motorola had
administrative claims against the estate. In settlement of other
litigation, a fund of money was created to fund a litigation trust to
sue Motorola. Any money remaining in the litigation trust would go to
the unsecured creditors. Motorola objected to diverting funds which
could have paid its administrative claim to the trust. The Second
Circuit generally found that the settlement was permissible because
having a well-funded creditors' trust would increase the value of the
claims against Motorola. However, it remanded for an explanation of why
the residual funds in the trust would go to the unsecured creditors
instead of being distributed in priority order.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr. Dooley stated that the Code-related objective here was maximizing the pie.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge
Zive said that other areas where priority-skipping would be allowed
would be wage orders, critical vendor motions and roll-ups as part of
DIP financing. He said these are all orders that allow the case to
proceed. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Ms. Roupinan was asked how <i>Jevic</i>
would change WARN Act litigation. She said that requiring parties to
follow the absolute priority rule would provide clarity and
predictability and improved ability to negotiate.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr.
Pacetti said that in skipping priorities, it was important to consider
what the stage of the case is. First day motions will get greater
latitude than end of case distributions. He also stressed the
importance of making an evidentiary record.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifsdCy1ov6FPeIMjoGPFtHesRVY3gq3VEhKMJrNS1-m9lYCdJqt_O_LPFgdJvnDQTgMtt3qUeoT0bL_S7ywTR7YuxrzLDodkPeDTP7A7ewJVoiGUJetb1VCAVg6aaKGk1iNkw3uZtxKFU/s1600/20171010_185401+%25283%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="900" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifsdCy1ov6FPeIMjoGPFtHesRVY3gq3VEhKMJrNS1-m9lYCdJqt_O_LPFgdJvnDQTgMtt3qUeoT0bL_S7ywTR7YuxrzLDodkPeDTP7A7ewJVoiGUJetb1VCAVg6aaKGk1iNkw3uZtxKFU/s320/20171010_185401+%25283%2529.jpg" width="180" /></a>Judge
Zive seconded this notion stating that any time you want the court to
do something you should provide sufficient facts. He gave the example
of routine motions for cash management and continuing bank accounts
which could result in de facto sustantive consolidation. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Ms.
Roupinian asked whether priority-skipping would be ok if all parties
consented. She asked what would happen if the U.S. Trustee was the
only party objecting.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge
Zive replied that the policy of the U.S. Trustee is not the Bankruptcy
Code. He said that "if everyone is consenting, I don't have a problem
with that." However, he focused on what constituted consent? He said
that if a party is given notice and fails to object, they have waived
their objection.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr.
Dooley said that the take-away from the case was that it was really
about the absolute priority rule, not structured dismissals.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge Zive said that one of the problems with <i>Jevic </i>was
that there was no going concern value to protect and no jobs. As a
result, the Code-related objective was much weaker. A few moments
later, he emphasized that priority skipping can be allowed to protect
going concern value, jobs, etc. but that "there has to be a significant
reason." </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
panel also discussed gifting, that is, where one creditor gives up
value so that it can go to a creditor with lesser priority. Judge Zive
pointed out <i>In re LCI Holding Co.</i>, 802 F.3d 547 (3rd Cir. 2015)
where lenders acquired the debtor's asset via a credit bid but deposited
funds in escrow for professional fees and paid some funds directly to
unsecured creditors. Where the funds were paid directly by the secured
lender, they were never property of the estate and thus the court had
no jurisdiction over them. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr. Pacetti that lawyers should cut deals earlier in the case and read <i>Jevic</i> for what it says. However, Ms. Roupinian said that parties should either follow the absolute priority rule or get consent.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Judge
Zive said that courts would be skeptical about non-consensual
priority-skipping and that lawyers should get the evidence that shows
why the settlement is proper.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Mr.
Dooley said that doing priority skipping "requires real proof." He
also said that structured dismissals must be squeaky clean and that
first day orders may be more carefully examined. He said that the
ruling will embolden the U.S. Trustee. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
take-aways from the panel were build your evidentiary record, identify a
Code-related objective and do your deal at a time when it will still
advance the reorganization.<br />
<br />
<br />
<b>Wake Up and Run</b> <br />
<br />
Although it is not an official CLLA event, the Benrstein-Burkley firm, who are active league members sponsored the 8th Annual Wake Up and Run at NCBJ. About one hundred runners to the Las Vegas strip before dawn on Tuesday October 10th. I have been to all of these runs and really enjoy the chance to get out and see the various cities where NCBJ is held. <br />
<br />
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<b><br /></b>
<img alt="" height="211" 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Unknownnoreply@blogger.com7tag:blogger.com,1999:blog-822950240594244240.post-34841602069204729632017-06-03T14:08:00.000-07:002017-06-03T14:08:26.146-07:00Supreme Court Says No FDCPA Liability for Time-Barred Claims<div style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQIihOUamcCibzm2sGH9BE2K6d0PatazkAXJgetcXuFe-GFs8-kR7n9PupZCLdV7WCCd2hU_asfWtCgbDTSu1xZp3K4gE9gtvxcRowG5ZsvGnZZ4ZvdSjhGnN730IahqcW2qpJuRaijm4/s1600/Louis+Robin1+%25281%2529.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="470" data-original-width="360" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQIihOUamcCibzm2sGH9BE2K6d0PatazkAXJgetcXuFe-GFs8-kR7n9PupZCLdV7WCCd2hU_asfWtCgbDTSu1xZp3K4gE9gtvxcRowG5ZsvGnZZ4ZvdSjhGnN730IahqcW2qpJuRaijm4/s200/Louis+Robin1+%25281%2529.JPG" width="153" /></a>By Louis Robin</div>
<div style="text-align: center;">
Law Offices of Louis Robin</div>
<div style="text-align: center;">
Longmeadow, MA</div>
<div style="text-align: center;">
<br /></div>
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The Supreme Court, in <i style="mso-bidi-font-style: normal;">Midland
Funding, LLC v. Johnson</i>, issued on May 15, 2017, has ruled that the filing
of a proof of claim which is otherwise barred by the applicable statute of
limitations is not a violation of the Fair Debt Collection Practices Act.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
There were two issues before the Court.<span style="mso-spacerun: yes;"> </span>First, whether the filing of a proof of claim
constituted a “false, deceptive, or misleading representation”, and, second,
whether the creditor was using any “unfair or unconscionable means” to collect
a debt.<span style="mso-spacerun: yes;"> </span><span style="mso-bidi-font-family: "Courier New";">§§</span>1692e and 1692f.<span style="mso-spacerun: yes;">
</span>Regarding the first, the Court found that the creditor was not making a false, deceptive or misleading representation because a
claim under the Bankruptcy Code is a “right to payment” and under many (but
not all) state laws the “passage of time extinguishes the remedy but not the
right”.<span style="mso-spacerun: yes;"> </span>Similar, the Bankruptcy Code
defines claims broadly, nothing restricts the definition to only enforceable
claims, and Bankruptcy Code <span style="mso-bidi-font-family: "Courier New";">§</span>502(b)(1)
provides that, if a “claim” is “unenforceable” it will be disallowed
(recognizing the difference between the claim and enforceability).<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The Court had a more difficult time concerning the standard
of “unfair or unconscionable means”.<span style="mso-spacerun: yes;"> </span>Justice
Breyer, writing for the 5 – 3 majority, essentially ruled that the Bankruptcy
Court case was not a civil action commenced by the creditor (where most courts find the assertion of a stale claim is an FDCPA violation).<span style="mso-spacerun: yes;"> </span>Justice Breyer also ruled that Rule 9011
standards, may not be applicable to filing of stale claims.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Justice Breyer usually writes with a clarity that may be
lacking in this case.<span style="mso-spacerun: yes;"> </span>It is troubling
that a creditor can knowingly file a claim which the creditor knows will be
voided when a trustee or debtor files an objection.<span style="mso-spacerun: yes;"> </span>Perhaps I am relying more on common sense
than technicalities (which, as lawyers, we should be familiar), but there must
be an element of practicality in the application of standards, otherwise
routine reliance on the laws may be questioned.<span style="mso-spacerun: yes;">
</span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The dissent, written by Justice Sotomayor (and joined by
Justices Ginsburg and Kagan), provides such clarity (which may be easier to
provide in a dissent).<span style="mso-spacerun: yes;"> </span>After providing
some background and history of the practices of debt collectors seeking
collection in state courts for stale debts (and finding severe penalties),
Justice Sotomayor states that statutes of limitations “are not simply
technicalities” but represent strong public-policy determinations that “promote
justice”.<span style="mso-spacerun: yes;"> </span>Justice Sotomayor then
provides several pages of discussions on how the majority’s reasoning does not
serve the dynamics nor purposes of the Bankruptcy forum and purposes.<span style="mso-spacerun: yes;"> </span>I will not try to summarize the Justice’s
words further, but suggest that one read these words as they give some solace
to bankruptcy practitioner and the issues they struggle with on a day to day
basis.<span style="mso-spacerun: yes;"> </span>Ironically, Justice Scalia, on
occasion, provided similar empathy; see Justice’s Scalia’s dissent in <i style="mso-bidi-font-style: normal;">Dewsnup v. Timm</i>, 502 U.S. 410
(1992).<span style="mso-spacerun: yes;"> </span>I understand that Justice Scalia
had some background in the bankruptcy forum in the 1970’s, and perhaps Justice
Sotomayor had some similar experiences.<span style="mso-spacerun: yes;">
</span>There would be an element of irony if Justice Sotomayor took up the
mantel from Justice Scalia.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Now that I’ve said my peace, it might be fair to give you my
perspective as my practice concentrates (although is not limited to) debtor
representation.<span style="mso-spacerun: yes;"> </span>Despite my (presumably)
vigorous representation of debtors, I would tell you the following - I have
occasionally told debtors that, after receiving a bankruptcy discharge, if
circumstances change wildly, they should consider paying discharged debts (and
such circumstances include winning the lottery).<span style="mso-spacerun: yes;"> </span>Similarly, I do not have an issue with a
creditor whose claim is time barred communicating with a debtor <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">as
long as it is plainly and conspicuously stated that the debt cannot be pursued
in any civil action – </i></b>debtors, presumably, have received benefits from
the extension of credit, and there is a moral responsibility to pay debts.<span style="mso-spacerun: yes;"> </span>I would remind all that debtors also have a
moral responsibility to provide for themselves and their families food,
shelter, and other necessities.<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="mso-spacerun: yes;"> </span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
But I still have issue with filing of claims that are time
barred.<span style="mso-spacerun: yes;"> </span>Even if trustees and/or debtors
have Rule 9011 options, Rule 9011 requires the service of a motion prior to
filing the motion so that the creditor has the opportunity to withdraw the
claim prior to litigation.<span style="mso-spacerun: yes;"> </span>This causes
expenses are not reimbursed to the estate.<span style="mso-spacerun: yes;">
</span>There may even be time restraints (see Massachusetts Local Rule 13-13
which requires filing of objections to claims within 30 days of the bar date
deadline).<span style="mso-spacerun: yes;"> </span>Filing of proof of claims,
for which a plain affirmative defense is applicable, does not serve the
bankruptcy forum.</div>
Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-822950240594244240.post-10944551791991683182017-04-10T14:34:00.002-07:002017-04-11T10:47:59.481-07:00Bad Proofs of Claim Can Be Very Expensive<!--[if gte mso 9]><xml>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The
goal of filing a proof of claim is to collect money.<span style="mso-spacerun: yes;"> </span>However, errors in submitting claims can
prove costly.<span style="mso-spacerun: yes;"> </span>Six different problems to
avoid are illustrated below.</span><br />
<br />
</div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Failure to
Attach Supporting Documentation</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="text-decoration: none;"><br /></span></span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Cases Prior to
2011</span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">B-Line, LLC v. Wingerter
(In re Wingerter)</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">,
594 F.3d 931 (6<sup>th</sup> Cir. 2010)</span></div>
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<br /></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>Creditor filed a proof of claim
without supporting documentation.<span style="mso-spacerun: yes;"> </span>The
creditor withdrew the claim after the debtor objected.<span style="mso-spacerun: yes;"> </span>The Court then issued an order to show cause
directing the creditor to explain its business practices and the handling of
this specific claim.<span style="mso-spacerun: yes;"> </span>The Court found
that B-Line violated Fed.R.Bankr.P. 9011 because it did not make a reasonable
pre-filing inquiry that the claim was valid and supported by the evidence.<span style="mso-spacerun: yes;"> </span>However, because the creditor cooperated in
response to the order to show cause, the Court did not assess sanctions.<span style="mso-spacerun: yes;"> </span>On appeal, the Court found that the
controversy was not moot even though no monetary sanctions were assessed.<span style="mso-spacerun: yes;"> </span>The Court found that the creditor could
appeal a non-monetary sanction to avoid injury to its reputation.<span style="mso-spacerun: yes;"> </span>The Court reversed the bankruptcy court’s
sanctions order.<span style="mso-spacerun: yes;"> </span>It found that because
the creditor obtained warranties from the entity from whom it purchased the
debt as to its validity and had a track record of purchasing claims from this
buyer that were not objected to 99.5% of the time, the creditor had done a
reasonable pre-filing inquiry.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br />
<a name='more'></a><br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">In re DePugh</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 409 B.R. 84
(Bankr.S.D. Tex. 2009) and <i style="mso-bidi-font-style: normal;">In re
Gilbreath,</i> 395 B.R. 356 (Bankr. S.D. Tex. 2008).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>In both of these cases, a creditor
filed a proof of claim but did not include any supporting documentation.<span style="mso-spacerun: yes;"> </span>After the debtor objected, the creditor
filed an amended claim containing the supporting documentation.<span style="mso-spacerun: yes;"> </span>The Court chose to apply to the proofs of
claim Fed.R.Bankr. P. 7015, which requires that a party ask for leave to amend
a pleading.<span style="mso-spacerun: yes;"> </span>In one case, the creditor
failed to request permission to amend and in the second case, the request to
amend was denied.<span style="mso-spacerun: yes;"> </span>The Court ruled that
in order for a claim to be entitled to <i style="mso-bidi-font-style: normal;">prima
facie</i> validity, it must be filed with supporting documentation.<span style="mso-spacerun: yes;"> </span>If the claim was not entitled to <i style="mso-bidi-font-style: normal;">prima facie</i> validity, all the Debtor had
to do was to object to require that the creditor meet its burden of proof to
establish the claim’s validity. The creditor did not offer any evidence at the
hearing.<span style="mso-spacerun: yes;"> </span>In its conclusion in the <i style="mso-bidi-font-style: normal;">DePugh</i> case, the Court stated:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The Court
previously used the term “willful ignorance” to describe the position taken by
LVNV and its counsel of record, Stromberg, in this case, but the term is a
generous assessment of this attorney and his client’s outlook with respect to
filing proofs of claim.<span style="mso-spacerun: yes;"> </span>A more apt
description of Stromberg and LVNV’s actions in this case is “deliberate malfeasance.”<span style="mso-spacerun: yes;"> </span>. . . (I)t appears that Stromberg and his
client have a standing policy which involves willfully violating Bankruptcy
Rule 3001 because it is cost-effective to do so.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">DePugh, </span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">supra, <i style="mso-bidi-font-style: normal;"><span style="mso-spacerun: yes;"> </span>at 110-11.</i></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Ruth v. LVNV
Funding, LLC (In re Ruth)</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 473 B.R. 152 (Bankr. S.D. Tex. 2012).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>Compare the Court’s holding in <i style="mso-bidi-font-style: normal;">Ruth </i>to its opinion in <i style="mso-bidi-font-style: normal;">DePugh.<span style="mso-spacerun: yes;">
</span></i>Although the creditor in <i style="mso-bidi-font-style: normal;">Ruth</i>
failed to attach supporting documentation, the debtor did not object to the
claim until sixteen months after the deadline established by the local
rules.<span style="mso-spacerun: yes;"> </span>The Court found that it could
reconsider the allowance of the claim but that the debtors had failed to
establish cause for their long delay.<span style="mso-spacerun: yes;">
</span>The Court also denied a request for sanctions for filing deficient
claims and for vexatious litigation.<span style="mso-spacerun: yes;">
</span>Even though the Court had previously castigated the creditor in the <i style="mso-bidi-font-style: normal;">DePugh</i> case above and the creditor in <i style="mso-bidi-font-style: normal;">Ruth</i> had not changed its proof of claim
filing practices, the debtors could not recover based on harm to third parties.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Cases
After 2011</span></i></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The cases discussed above have been
partially superseded by the amendments to Fed.R.Bankr.P. 3001.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Rule
3001(c)(2)(A) requires that any interest, fees, expenses or charges included in
a claim be itemized.<span style="mso-spacerun: yes;"> </span></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Rule 3001(c)(2)(D) was also amended to
allow penalties for failing to include supporting documentation when
required.<span style="mso-spacerun: yes;"> </span>If the holder of a claim
fails to provide the required information, the court may either “preclude the
holder from presenting the omitted information in any form as evidence . . .
unless the court finds that the failure was substantially justified or
harmless” or “award other appropriate relief, including reasonable expenses and
attorneys’ fees caused by the failure.”<span style="mso-spacerun: yes;">
</span>Based on this rule, some debtor’s lawyers routinely ask for attorneys’
fees incurred in objecting to an insufficient proof of claim.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Under new Rule 3001(c)(3), if a claim is
based on a revolving or open-ended credit agreement, such as a credit card
account, the creditor may file a summary containing the following information
in lieu of attaching the account documents:<span style="mso-spacerun: yes;">
</span>(a) the name of the entity from which the creditor purchased the
account; (b) the name of the entity to whom the debt was owed at the time of the
account holder’s last transaction on the account; (c) the date of the account
holder’s last transaction; (d) the date of the last payment on the account; and
(e) the date on which the account was charged to profit and loss.<span style="mso-spacerun: yes;"> </span>However, the rule does require that<span style="mso-spacerun: yes;"> </span>the creditor, on written request, <span style="mso-spacerun: yes;"> </span>must provide the supporting documentation
within thirty days.<span style="mso-spacerun: yes;"> </span>This rule does <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">not </i></b>apply
to a closed-end debt, such as a payday loan or a medical bill.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">In
re Jimenez</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">,
487 B.R. 543 (Bankr. D. Col. 2013) is a good example of application of the new
rules.<span style="mso-spacerun: yes;"> </span>A bank filed a proof of claim
which disclosed late fees of $2,231.93 and attorneys’ fees of $12,095.67.<span style="mso-spacerun: yes;"> </span>In fact, the amounts described as
attorneys’ fees consisted of attorneys’ fees of $7,868.90, an appraisal in the
amount of $970.00 and other expenses such as public trustee fees, title fees,
filing fees, fax costs and photocopy costs in the amount of $3,208.67.<span style="mso-spacerun: yes;"> </span>The debtor objected to the claim and sought
to preclude the bank from offering evidence as to the costs which were not
properly itemized.<span style="mso-spacerun: yes;"> </span>Prior to the
hearing, the bank provided debtor’s counsel with invoices for its fees.<span style="mso-spacerun: yes;"> </span>The court allowed the attorneys’ fees as
reasonable.<span style="mso-spacerun: yes;"> </span>However, it refused to
consider evidence as to the appraisal fee and miscellaneous costs for the
reason that they were not itemized as required by Fed.R.Bankr.P.
3001(c)(2)(A).<span style="mso-spacerun: yes;"> </span>The Court stated that
failure to separately list the various charges deprived the debtor of valuable
information in deciding whether to object.<span style="mso-spacerun: yes;">
</span>The Court also ordered the bank to pay the debtor’s attorneys’ fees
incurred in objecting to the claim.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Failure
to Redact Personally Identifiable Information</span></u></b></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><br /></span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">In re Branch</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 2016 Bankr.
LEXIS 3194 (Bankr. E.D. N.C. 2016)</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>A healthcare provider filed many
proofs of claim which included the patients’ full social security numbers and
account numbers<span style="mso-spacerun: yes;"> </span>Three debtors filed
motions for sanctions and to restrict public access.<span style="mso-spacerun: yes;"> </span>In response to the motions, the provider
moved to restrict access to an additional 2,819 claims in closed cases and
1,390 claims in open cases.<span style="mso-spacerun: yes;"> </span>It also
offered the debtors one year of creditor monitoring.<span style="mso-spacerun: yes;"> </span>At the hearing on the motions, a
representative of one of the creditors testified that she had not received any
training in how to redact information from claims, did not have any contact
with the provider’s legal department and did not have anyone reviewing the
claims that she filed.<span style="mso-spacerun: yes;"> </span>The company’s
Chief Legal Officer, who was hired shortly before the first motion for
sanctions was filed, testified that she did not have any training with regard
to redacting claims and had not appeared in federal court in nineteen years
(which was before electronic filing was adopted).<span style="mso-spacerun: yes;"> </span>However, upon receiving the motions to
restrict access and for sanctions, she launched an investigation and initiated
remedial measures.<span style="mso-spacerun: yes;"> </span>The creditor
testified that it had spent over $300,000 in addressing the problem.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;">
</span>The court noted that Fed.R.Bankr.P. 9037 does not provide a private
right of action for failure to redact.<span style="mso-spacerun: yes;">
</span>However, it concluded that it could sanction parties for contempt under
Fed. R. Bankr. P. 105 where “it was shown that a creditor flaunted the law with
knowledge of its proscriptions, failed to take remedial action once violations
were discovered, or acted deliberately as opposed to mistakenly or
inadvertently.”<span style="mso-spacerun: yes;"> </span>The Court found that
the creditor did not act intentionally to flaunt the law but was “more than
negligent.”<span style="mso-spacerun: yes;"> </span>The Court found that the
creditor failed to take prompt remedial action because it took four weeks from
receiving notice of the problem before it acted.<span style="mso-spacerun: yes;"> </span>The Court awarded actual and punitive
damages of $21,140.69 to two debtors, attorneys’ fees of approximately $59,000
and to pay sanctions of $50,000 to the Clerk of the Court.<span style="mso-spacerun: yes;"> </span>All in all, the failure to redact proofs of
claim cost the creditor close to half a million dollars.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">In re Lunden</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 524 B.R. 410
(Bankr. D. Mass. 2015)</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>An attorney attached a financial
statement to a pleading filed in court.<span style="mso-spacerun: yes;">
</span>The document contained the debtor’s full social security number, home
telephone number, address and date of birth.<span style="mso-spacerun: yes;">
</span>The attorney refused to withdraw the offending document and attempted to
justify its use.<span style="mso-spacerun: yes;"> </span>The Debtor’s attorney
moved to strike the document from the public record and for sanctions.<span style="mso-spacerun: yes;"> </span>The Court granted the motion to strike the
document pursuant to Fed.R.Bankr.P. 9037 and set a hearing on sanctions.<span style="mso-spacerun: yes;"> </span>The Court rejected the argument that the
document was part of the public record in an earlier state court proceeding
because it was designated as confidential and kept out of the public record in
that proceeding.<span style="mso-spacerun: yes;"> </span>The Court found that
although Rule 9037 does not contain a private right of action, the Court could
sanction contemptuous behavior under 11 U.S.C. §105(a).<span style="mso-spacerun: yes;"> </span>The Court stated:</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The mere failure
to redact may not always give rise to sanctions for contempt.<span style="mso-spacerun: yes;"> </span>But in this case, when the error was brought
to his attention, Attorney Chernin refused to take any corrective action and
then defended his failures with ex post facto excuses bordering on the
frivolous.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The
court ordered the attorney to pay for credit monitoring for the debtor in the
future and also to pay $1,000 in punitive damages.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>While this case involved a pleading
instead of a proof of claim, it involves a scenario which can frequently arise
with regard to proofs of claim. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Cordier v.
Plains Commerce Bank (In re Cordier)</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 2009 Bankr. LEXIS 888 (Bankr. D. Ct.
2009)</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The two cases above can be contrasted
with this case where the creditor had only a single violation and acted
promptly to redact the claim.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>In <i style="mso-bidi-font-style: normal;">Cordier, </i>the creditor filed a proof of claim which included the
Debtor’s unredacted social security number.<span style="mso-spacerun: yes;">
</span>Rather than requesting the creditor to redact the number, the Debtor
filed an adversary proceeding against the creditor.<span style="mso-spacerun: yes;"> </span>Upon receiving the adversary proceeding, the
creditor promptly moved to restrict the claim from public viewing under Fed.R.Bankr.P.
9037.<span style="mso-spacerun: yes;"> </span>The creditor then moved to
dismiss the adversary proceeding.<span style="mso-spacerun: yes;"> </span>The
Court granted the motion to dismiss, finding that the remedy created by Rule
9037 is to remove the offending document from public view.<span style="mso-spacerun: yes;"> </span>However, it did not create a private cause
of action.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>The lesson from these two cases is
that if you accidentally file a claim with:<span style="mso-spacerun: yes;">
</span>(a) the full social security number; (b) the debtor’s birth date; (c)
the full name of a minor child or a full account number, you should promptly file
a motion to withdraw the document from the public record.<span style="mso-spacerun: yes;"> </span>This is a motion that can be granted on an <i style="mso-bidi-font-style: normal;">ex parte</i> basis.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span></u></b>
<br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;"><span style="text-decoration: none;"></span></span></u></b></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Submitting
an Inaccurate Claim</span></u></b></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Ameriquest
Mortg. Co. v. Nosek (In re Nosek)</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 609 F.3d 6 (1<sup>st</sup> Cir. 2010)</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>This case is a good illustration of
how serious a simple error can be, although the ultimate sanction was
drastically reduced on appeal.<span style="mso-spacerun: yes;"> </span>Ameriquest
originated a mortgage loan which was assigned to a securitization trust but
retained the servicing rights.<span style="mso-spacerun: yes;"> </span>After
the debtor filed bankruptcy, Ameriquest filed a proof of claim and a motion to
lift stay indicating that it was the creditor as opposed to the servicing agent
for the creditor.<span style="mso-spacerun: yes;"> </span>The debtor sued
Ameriquest over its handling of the mortgage loan and received a judgment for
$250,000 which was reversed and remanded.<span style="mso-spacerun: yes;">
</span>On remand, the bankruptcy court awarded $750,000 in damages.<span style="mso-spacerun: yes;"> </span>The $750,000 judgment was also reversed.<span style="mso-spacerun: yes;"> </span>However, prior to the judgment being
reversed, Ameriquest disclosed that it did not hold the mortgage.<span style="mso-spacerun: yes;"> </span>The bankruptcy court issued an order to
show cause as to why Ameriquest should not be sanctioned under Fed.R.Bankr.P.
9011 for misrepresenting its status as holder of the note.<span style="mso-spacerun: yes;"> </span>The bankruptcy court imposed sanctions of
$250,000.<span style="mso-spacerun: yes;"> </span>On appeal, Ameriquest
admitted that its proof of claim violated Rule 9011 but argued that the
sanction was too high.<span style="mso-spacerun: yes;"> </span>The Court of
Appeals agreed and reduced the sanction to $5,000.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Submitting a
Time-Barred Claim</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="text-decoration: none;"><br /></span></span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>Numerous recent cases have dealt with
whether it is a violation of the Fair Debt Collection Practices Act to file
suit on a debt that is beyond the applicable statute of limitations.<span style="mso-spacerun: yes;"> </span>These cases follow a similar fact pattern.<span style="mso-spacerun: yes;"> </span>A debtor files a chapter 13 petition.<span style="mso-spacerun: yes;"> </span>A creditor then files a proof of claim on a
debt on which enforceability is very restricted because it arose after the
applicable statute of limitations had run.<span style="mso-spacerun: yes;">
</span>The debtor then sues for violation of the FDCPA.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>In <i style="mso-bidi-font-style: normal;">Crawford v. LVNV Funding, LLC, </i>758 F.3d 1254 (11<sup>th</sup> Cir.
2014), the Eleventh Circuit Court of Appeals ruled that filing a time-barred
proof of claim was similar to filing suit on a time-barred claim and could
violate the Fair Debt Collection Practices Act.<span style="mso-spacerun: yes;"> </span>The Eleventh Circuit reaffirmed this ruling
in <i style="mso-bidi-font-style: normal;">Johnson v. Midland Funding, LLC</i>,
823 F.3d 1334 (11<sup>th</sup> Cir. 2016).<span style="mso-spacerun: yes;">
</span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Meanwhile, the Fourth, Seventh and
Eighth Circuits have each rejected this theory.<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Dubios
v. Atlas Acquisitions, LLC (In re Dubios)</i>, 2016 U.S. App. LEXIS 15682 (4<sup>th</sup>
Cir. 2016);<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Owens v. LVNV Funding, LLC,</i> 2016 U.S. App. LEXIS 14706 (7<sup>th</sup>
Cir. 2016);<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Nelson v. Midland Credit Management, LLC</i>, 828 F.3d 749 (8<sup>th</sup>
Cir. 2016).<span style="mso-spacerun: yes;"> </span>The issue is pending before
the Fifth Circuit Court of Appeals in <i style="mso-bidi-font-style: normal;">Robinson
v. JH Portfolio Debt Equities, LLC</i>, 2016 Bankr. LEXIS 2742 (Bankr. W.D. La.
2016), where the Bankruptcy Court dismissed a suit based on the <i style="mso-bidi-font-style: normal;">Crawford</i> theory and then certified the
case for direct appeal to the Fifth Circuit.<span style="mso-spacerun: yes;">
</span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Petitions for writ of <i style="mso-bidi-font-style: normal;">certiorari</i> have been filed before the
Supreme Court in both the <i style="mso-bidi-font-style: normal;">Johnson v.
Midland Funding, LLC</i> and <i style="mso-bidi-font-style: normal;">Owens v.
LVNV Funding, LLC</i> cases and are currently pending</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>Even if the Supreme Court rules that
filing a time-barred proof of claim does not violate the FDCPA, filing claims
on debts that are unenforceable should be considered very carefully.<span style="mso-spacerun: yes;"> </span>Even if liability under the FDCPA is off the
table, creditors that file large numbers of out of statute claims could find
themselves subject to an order to show cause and sanctions.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Submitting a
Claim<span style="mso-spacerun: yes;"> </span>on a Discharged Debt</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="text-decoration: none;"><br /></span></span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Green Point
Credit, LLC v. McLean (In re McLean)</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 794 F.3d 1313 (11<sup>th</sup> Cir.
2015)</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>In 2006, the debtors filed a chapter
13 proceeding which was converted to chapter 7.<span style="mso-spacerun: yes;"> </span>They received a discharge.<span style="mso-spacerun: yes;"> </span>Green Point was listed as a creditor and
received notice of the discharge.<span style="mso-spacerun: yes;"> </span>In
2012, the debtors filed a second chapter 13 case.<span style="mso-spacerun: yes;"> </span>Although Green Point was not scheduled as a
creditor, it filed a proof of claim.<span style="mso-spacerun: yes;"> </span>If
the claim had been allowed, the debtors’ payments under the plan would have
doubled.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>The debtors objected to the claim
and also filed an adversary proceeding.<span style="mso-spacerun: yes;">
</span>Four days after the adversary proceeding was filed, Green Point withdrew
the proof of claim.<span style="mso-spacerun: yes;"> </span>The bankruptcy
court ruled that filing a proof of claim on a discharged debt violated the
discharge injunction in the prior case.<span style="mso-spacerun: yes;">
</span>It also awarded punitive sanctions in the amount of $50,000 and
compensatory sanctions for emotional distress.<span style="mso-spacerun: yes;"> </span>On appeal, the Eleventh Circuit affirmed
the finding that the proof of claim violated the discharge.<span style="mso-spacerun: yes;"> </span>However, it vacated and remanded the two
awards of sanctions.<span style="mso-spacerun: yes;"> </span>The Court found
that the bankruptcy court did not consider whether Green Point acted with
reckless disregard when it filed the proof of claim.<span style="mso-spacerun: yes;"> </span>It also found that the bankruptcy court did
not perform the proper analysis for awarding damages for emotional
distress.<span style="mso-spacerun: yes;"> </span>The Eleventh Circuit remanded
the case for a new hearing on damages.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Submitting and
Continuing to Pursue a False Claim</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="text-decoration: none;"><br /></span></span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Groissman v.
Wehrle (In re Royal Manor Mangagement), </span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">2016 U.S. App. LEXIS 11018 (6<sup>th</sup>
Cir. 2016)</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>Gertrude Gordon submitted a proof of
claim on a <i style="mso-bidi-font-style: normal;">pro se</i> basis.<span style="mso-spacerun: yes;"> </span>The claim relied on a redacted
agreement.<span style="mso-spacerun: yes;"> </span>The Committee objected and
the objection was granted when the claimant did not reply.<span style="mso-spacerun: yes;"> </span>Attorney Grossman then appeared on behalf
of Gertrude and sought reconsideration.<span style="mso-spacerun: yes;">
</span>Reconsideration was denied and the creditor appealed.<span style="mso-spacerun: yes;"> </span>The unredacted claim revealed that the debt
was owed by a third party and not by the debtor.<span style="mso-spacerun: yes;"> </span>The District court denied the appeal and
Grossman then appealed to the Sixth Circuit.<span style="mso-spacerun: yes;">
</span>The Sixth Circuit affirmed.<span style="mso-spacerun: yes;"> </span>The
Trustee moved for sanctions on the basis that “there was no credible evidence
or legal basis to support that the Gordons were general unsecured creditors of
. . . any . . . debtor entity, yet Gertrude and Grossman continued to file
frivolous pleadings to vexatiously multiply the proceedings.”<span style="mso-spacerun: yes;"> </span>Gertrude settled with the Trustee for
$50,000.<span style="mso-spacerun: yes;"> </span>The Bankruptcy Court awarded
sanctions against Grossman in the amount of $207,004.<span style="mso-spacerun: yes;"> </span>The Sixth Circuit affirmed, finding that
Grossman obtained the unredacted document early in his representation but
continued to press forward on the claim.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"> </span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Flatau v.
Sherman Financial Group, LLC</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">, 2015 U.S. Dist. LEXIS 166706 (M.D. Ga.
2015)</span></div>
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<br /></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span>It is not sufficient to say that a
claim has no basis when it has been reduced to judgment in state court and that
judgment has not been set aside.<span style="mso-spacerun: yes;"> </span>Arrow
Financial Services sued Calvin Davis on a credit card debt allegedly acquired
from Wells Fargo Bank. Davis claimed that he did not owe a credit card debt to
Wells Fargo.<span style="mso-spacerun: yes;"> </span>Arrow served Davis at an
address where he had lived several years previously but was not his address at
the time.<span style="mso-spacerun: yes;"> </span>The process server swore
that he personally served Davis at the address where he did not live.<span style="mso-spacerun: yes;"> </span>The state court entered judgment against
Davis.<span style="mso-spacerun: yes;"> </span>Arrow then transferred the debt
to LVNV.<span style="mso-spacerun: yes;"> </span>When LVNV served a writ of
garnishment, Davis disputed the validity of the judgment.<span style="mso-spacerun: yes;"> </span>However, rather than moving to set aside the
judgment, he filed bankruptcy.<span style="mso-spacerun: yes;"> </span>LVNV
assigned the debt to Sherman Acquisition who assigned it to Atlas
Acquisitions.<span style="mso-spacerun: yes;"> </span>Atlas filed a proof of
claim in the bankruptcy case.<span style="mso-spacerun: yes;"> </span>After the
bankruptcy case was over, Davis sued all of the parties in the chain of title,
including Atlas which had filed the proof of claim.<span style="mso-spacerun: yes;"> </span>The District Court ruled that under the <i style="mso-bidi-font-style: normal;">Rooker-Feldman</i> doctrine, Davis could not
file suit in federal court on a theory which required challenging the validity
of a state court judgment.<span style="mso-spacerun: yes;"> </span>Thus,
although it certainly appeared that Davis was sued on a debt he did not owe and
was not served with process, he lacked a remedy because he did not seek to have
the judgment set aside.<span style="mso-spacerun: yes;"> </span></span></div>
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></b><br />Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-822950240594244240.post-75455296190957388892017-04-10T14:31:00.000-07:002017-04-11T10:47:36.810-07:00When Can FDCPA Claims Be Brought Based on Actions Taken in Bankruptcy Court?<!--[if gte mso 9]><xml>
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<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Stephen W. Sather</span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Barron & Newburger, P.C.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Austin, TX</span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<a href="mailto:ssather@bn-lawyers.com"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">ssather@bn-lawyers.com</span></a><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
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<br /></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>The
Bankruptcy Code protects debtors from their creditors.<span style="mso-spacerun: yes;"> </span>The Supreme Court has stated that “(t)he
principal purpose of the Bankruptcy Code is to grant a ‘fresh start’ to the
‘honest but unfortunate debtor.’”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Marrama v. Citizens Bank, </i>549 U.S. 365, 367
(2007).</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Fair Debt Collection Practices Act (“FDCPA”)
has seeks to protect consumers from abusive debt collectors.<span style="mso-spacerun: yes;"> </span>As explained in one recent opinion:</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The FDCPA was
enacted "with the aim of eliminating abusive practices in the debt
collection industry." This legislation and its history "emphasize the
intent of Congress to address the previously common and severe problem of
abusive debt collection practices and to protect unsophisticated consumers from
unscrupulous debt collection tactics." <span style="mso-spacerun: yes;"> </span>The FDCPA "focuses on regulating
interactions between 'debt collectors' and 'consumers.'" (internal
citations omitted).</span></div>
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<br /></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Cohen
v. Ditech Financial, LLC</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">, 2017 U.S. Dist. LEXIS 43443 (E.D.
N.Y. 3/24/17) at *5-6.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span></span><br />
<a name='more'></a><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>While both the FDCPA and the Bankruptcy Code
address the relationship between debtors and creditors, their focus is
different.<span style="mso-spacerun: yes;"> </span>On the one hand, the FDCPA
aims to punish debt collectors for actions which violate its terms.<span style="mso-spacerun: yes;"> </span>On the other hand, a bankruptcy petition
initiates an action by the debtor against his creditors for relief from his
debts.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>In return for gaining the benefit of the
automatic stay and the discharge, the debtor is required to make full
disclosure of his assets and liabilities and to either surrender non-exempt
property or make payments into a plan.<span style="mso-spacerun: yes;">
</span>Bankruptcy also differs from debt collection in that it is a process
which takes place under the supervision of a judge and in most cases by a
trustee.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Generally the debtor is also represented by
counsel.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Three
Approaches to Reconciling FDCPA and Bankruptcy</span></b></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>Given
that the FDCPA and bankruptcy overlap in purpose but not procedure, how should
they interact?<span style="mso-spacerun: yes;"> </span>Courts have arguably developed
three different approaches.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">One extreme holds that
bankruptcy law displaces<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">[1]</span></span></span></span></a>
the FDCPA such that a violation of the Bankruptcy Code may only be remedied
under the Bankruptcy Code and never under FDCPA.<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Walls
v. Wells Fargo Bank, N.A.., </i>276 F.3d 502 (9<sup>th</sup> Cir. 2002).<span style="mso-spacerun: yes;"> </span>In that case the Court stated:</span></div>
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</div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
</div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">To permit a
simultaneous claim under the FDCPA would allow through the back door what Walls
cannot accomplish through the front door -- a private right of action. This
would circumvent the remedial scheme of the Code under which Congress struck a
balance between the interests of debtors and creditors by permitting (and
limiting) debtors' remedies for violating the discharge injunction to contempt.
"[A] mere browse through the complex, detailed, and comprehensive
provisions of the lengthy Bankruptcy Code … demonstrates Congress's intent to
create a whole system under federal control which is designed to bring together
and adjust all of the rights and duties of creditors and embarrassed debtors
alike." Nothing in either Act persuades us that Congress intended to allow
debtors to bypass the Code's remedial scheme when it enacted the FDCPA. While
the FDCPA's purpose is to avoid bankruptcy, if bankruptcy nevertheless occurs,
the debtor's protection and remedy remain under the Bankruptcy Code.</span> <span style="mso-spacerun: yes;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Because Walls's remedy for violation of § 524 no
matter how cast lies in the Bankruptcy Code, her simultaneous FDCPA claim is
precluded. (internal citations omitted).</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Walls,</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">
at <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>510-11.<span style="mso-spacerun: yes;">
</span><i style="mso-bidi-font-style: normal;">Walls </i>has not been widely
followed outside of the Ninth Circuit.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>At
the other extreme is <i style="mso-bidi-font-style: normal;">Crawford v. LVNV
Funding, LLC</i>, 758 F.3d 1254 (11th Cir. 2014)<span style="mso-tab-count: 1;"> </span> which held that filing a proof of claim on a time-barred
debt violated the FDCPA.<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Crawford</i> held that filing a stale proof
of claim was similar to filing suit on a debt that was beyond the statute of
limitations.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Similar to the
filing of a stale lawsuit, a debt collector's filing of a time-barred proof of
claim creates the misleading impression to the debtor that the debt collector
can legally enforce the debt. The "least sophisticated" Chapter 13
debtor may be unaware that a claim is time barred and unenforceable and thus fail
to object to such a claim. Given the Bankruptcy Code's automatic allowance
provision, the otherwise unenforceable time-barred debt will be paid from the
debtor's future wages as part of his Chapter 13 repayment plan. Such a
distribution of funds to debt collectors with time-barred claims then
necessarily reduces the payments to other legitimate creditors with enforceable
claims. Furthermore, filing objections to time-barred claims consumes energy
and resources in a debtor's bankruptcy case, just as filing a limitations
defense does in state court. For all of these reasons, under the
"least-sophisticated consumer standard" in our binding precedent,
LVNV's filing of a time-barred proof of claim against Crawford in bankruptcy
was "unfair," "unconscionable," "deceptive," and
"misleading" within the broad scope of §1692e and §1692f.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Crawford,
</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">at
1261.<span style="mso-spacerun: yes;"> </span>Although several lower courts
have followed <i style="mso-bidi-font-style: normal;">Crawford</i>, at least four
other circuits have rejected it.<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Simmons v. Roundup Funding, LLC, </i>622
F.3d 93 (2<sup>nd</sup> Cir. 2010);<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">[2]</span></span></span></span></a><span style="mso-spacerun: yes;"> </span></span><a href="https://advance.lexis.com/api/document/collection/cases/id/5KJ9-TV61-F04K-M11P-00000-00?context=1000516"><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%; text-decoration: none;">Dubios v. Atlas Acquisitions LLC (In re Dubois)</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%; text-decoration: none;">, 2016 U.S. App. LEXIS 15682 (4th
Cir.<span style="mso-spacerun: yes;"> </span>Aug. 25, 2016)</span></a><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">;
</span><a href="https://advance.lexis.com/api/document/collection/cases/id/5KF4-B0S1-F04K-R29K-00000-00?context=1000516"><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%; text-decoration: none;">Owens v. LVNV Funding, LLC</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%; text-decoration: none;">, 2016 U.S. App. LEXIS 14706 (7th Cir. Aug. 10, 2016)</span></a><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">;
</span><a href="https://advance.lexis.com/api/document/collection/cases/id/5K6P-J4V1-F04K-S0T6-00000-00?context=1000516"><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%; text-decoration: none;">Nelson v. Midland Credit Mgmt.</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%; text-decoration: none;">, 2016 U.S. App. LEXIS 1268 (8th Cir. July 11, 2016)</span></a><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>A third line of cases allows FDCPA claims based on
bankruptcy-related collection efforts in at least some circumstances.<span style="mso-spacerun: yes;"> </span></span></div>
<ul style="text-align: justify;">
<li><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Second Circuit has
adopted a bright-line rule that actions taken during the pendency of a
bankruptcy case cannot give rise to a violation of the FCDPA, <i style="mso-bidi-font-style: normal;">Simmons v. Roundup Funding, supra</i>, while
actions taken subsequent to bankruptcy, such as violation of the discharge, may
be pursued under FDCPA, <i style="mso-bidi-font-style: normal;">Garfield v. Ocwen
Loan Servicing, LLC</i>, 811 F.3d 86 (2<sup>nd</sup> Cir. 2016).<span style="mso-spacerun: yes;"> </span></span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Seventh Circuit has held
that the Bankruptcy Code does not implicitly repeal the FDCPA so that actions
which violated the automatic stay and the discharge might be actionable under
the FDCPA.<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Randolph v. IMBS, Inc.</i>, 368 F.3d 727 (7<sup>th</sup> Cir.
2004).<span style="mso-spacerun: yes;"> </span>However, the Seventh Circuit is
one of the circuits that have found that filing a time-barred claim is not a
violation of the FDCPA.<span style="mso-spacerun: yes;"> </span></span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Third Circuit has looked
to whether the provisions of the FDCPA conflict with those of the Bankruptcy
Code.<span style="mso-spacerun: yes;"> </span>Thus, where including the
“mini-Miranda” warning on a subpoena for a Rule 2004 examination would be
inconsistent with the Bankruptcy Code, the court affirmed dismissal of the
claim.<span style="mso-spacerun: yes;"> </span>However, it allowed other claims
related to the subpoena to proceed.<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Simon v. FIA Card Services, N.A.</i>, 732
F.3d 259 (3<sup>rd</sup> Cir. 2013).<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">[3]</span></span></span></span></a><span style="mso-spacerun: yes;"> </span></span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">There are also multiple lower
courts decisions that have allowed FDCPA claims to proceed where the conduct
violating the Bankruptcy Code involved an attempt to collect money from the
debtor.<span style="mso-spacerun: yes;"> </span>Examples include <i style="mso-bidi-font-style: normal;">Eide v. Colltech, Inc.,</i> 987 F.Supp.2d
951 (D. Minn. 2013); <i style="mso-bidi-font-style: normal;">Kline v. Mortgage
Electronic Security Systems</i>, 659 F. Supp.2d 940 (S.D. Ohio 2009);<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Drnavich
v. Cavalry Portfolio Services, LLC</i>, 2005 U.S. Dist. LEXIS 38686 (D. Minn.
2005); <span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Trevino v. HSBC Mortgage Services (In re Trevino)</i>, 535 B.R. 110
(Bankr. S.D. Tex. 2015);<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Eastman v. Baker Recovery Services (In re
Eastman)</i>, 512 B.R. 832 (Bankr. W.D. Tex. 2009).<span style="mso-spacerun: yes;"> </span>These cases involve attempts to collect
amounts that could not legally be collected as part of a mortgage claim in a
bankruptcy case or attempts to collect a debt that was discharged or subject to
the automatic stay.<span style="mso-spacerun: yes;"> </span></span></li>
</ul>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>The common theme between both the circuit court cases and
lower court cases that have allowed pursuit of an FDCPA claim based on actions
taken in violation of bankruptcy law is that they involved a direct action to
collect a debt from the debtor.<span style="mso-spacerun: yes;"> </span>On the
other hand, the <i style="mso-bidi-font-style: normal;">Crawford</i> type cases
involved filing a proof of claim to recover from the estate which could
indirectly have an impact on the debtor. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Midland Funding, LLC v. Johnson</span></i></b></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Supreme Court should
answer at least some of the questions concerning the intersection of the FDCPA
and the Bankruptcy Code this term. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>In <i style="mso-bidi-font-style: normal;">Johnson
v. Midland Funding, LLC</i>, 823 F.3d 1334 (11<sup>th</sup> Cir. 2016), <i style="mso-bidi-font-style: normal;">cert</i>. granted, 2016 U.S. LEXIS 6274
(2016), two chapter 13 debtors sued two creditors that had filed proofs of
claim on debts that were beyond the statute of limitations.<span style="mso-spacerun: yes;"> </span>The U.S. District Court dismissed the case,
finding that the FDCPA and the Bankruptcy Code were in irreconcilable conflict,
adopting the Ninth Circuit’s view.<span style="mso-spacerun: yes;"> </span>The
Eleventh Circuit reversed, finding that the two statutes could both be given
effect.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Supreme Court granted
<i style="mso-bidi-font-style: normal;">certiorari</i> on the following
questions: </span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.25in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0.75in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Whether
the filing of an accurate proof of claim for an unextinguished time-barred debt
in a bankruptcy proceeding violates the Fair Debt Collection Practices Act.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0.75in; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0.75in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Whether
the Bankruptcy Code, which governs the filing of proofs of claim in bankruptcy,
precludes the application of the Fair Debt Collection Practices Act to the
filing of an accurate proof of claim for an unextinguished time-barred debt.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The issues on which the Supreme Court
granted certiorari correlate to the two most extreme positions on the
intersection between the Bankruptcy Code and the FDCPA, namely the holding in <i style="mso-bidi-font-style: normal;">Walls v. Wells Fargo</i> that actions taken
in bankruptcy can never violate FDCPA and the holding in <i style="mso-bidi-font-style: normal;">Crawford v. LVNV Funding</i> that the FDCPA is generally applicable in
bankruptcy cases.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The
<i>Midland Funding</i> Oral Argument</span></b></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>The
case was argued to the Supreme Court on January 17, 2017 and has not been
decided as of the date this paper was completed.<span style="mso-spacerun: yes;"> </span>Typically, FDCPA cases have not been resolved
on ideological fault lines. <i style="mso-bidi-font-style: normal;">Heintz v.
Jenkins</i>, 514 U.S. 291 (1995) was a unanimous decision, while J<i style="mso-bidi-font-style: normal;">erman v. Carlisle, McNellie, Rini, Kramer
& Ulrich, L.P.A.</i>, 559 U.S. 573 (2010) was a 7-2 decision with Justices
Sotomayor and Scalia on the same side.<span style="mso-spacerun: yes;">
</span>If oral argument is a preview of how the decision will come out, <i style="mso-bidi-font-style: normal;">Johnson v. Midland</i> may be an exception
to this trend.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justices Sotomayor,
Ginsberg and Kagan pressed against Midland’s position with Justice Sotomayor
taking the most aggressive tack.<span style="mso-spacerun: yes;"> </span>They
asserted that Midland had a practice of intentionally buying and filing stale
claims, a fact that Midland’s counsel repeatedly had to point out was not in
the record.<span style="mso-spacerun: yes;"> </span>Justice Sotomayor expressed
skepticism about the debt buying industry in general, stating:</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">I'm sorry. I'm
having a great deal of difficulty with this business model. Completely. You buy
old, old debts that you know for certainty are not within any statute of
limitations.<span style="mso-spacerun: yes;"> </span>You buy them and you call
up creditors and you say to them, you don't have to pay me. But out of the
goodness of your heart, you should? Or do you just call them up and say, you
owe me money, and you hope that they'll pay you.<span style="mso-spacerun: yes;"> </span>And is it the same thing in bankruptcy
court? You filed a claim and you hope the trustee doesn't see that it's out of
time? And apparently, you collect on millions of dollars of these debts. So is
that what you do?</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">She also pressed Midland’s counsel on
whether the creditor had a good faith belief that the statute of limitations was
not applicable.<span style="mso-spacerun: yes;"> </span>She also stated that
Midland had collected $800 million on stale claims.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">When Justice Alito asked
why trustees would not simply object to all claims that appeared beyond the
statute of limitations, Justice Sotomayor jumped in and argued that this would
be a waste of time.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">I'm sorry.
You're taking up trustee time, which gets paid by the debtor ultimately and at
administrative cost. You are taking up the time of other creditors, because
there has to be, when an objection is raised, notice to all the creditors, a
hearing date set, all of these procedural steps that are unnecessary because
you have no basis to believe that this debt is enforceable.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justice Kagan also pushed
back on the assertion that the Bankruptcy Code invites filing claims that might
be unenforceable.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Could you just
--you know, just from a commonsense basis, it seems hard to understand why
Congress would want all these unenforceable proofs of claim to flow in, because
only two things can happen. One is that the trustee will properly filter out
those claims; and the other is that the trustee will be swamped and won't have
the time or the energy or the inclination or he'll make mistakes, and some of
those claims will be deemed enforceable when, in fact, they're not.<span style="mso-spacerun: yes;"> </span>So why would anybody want these proofs of
claim to flood into the bankruptcy system?</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justice Ginsberg suggested that there
would be no point in filing a claim that was time-barred except in the hope
that it would be overlooked and would be paid.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>When
it was time for the debtor to argue, the Chief Justice, Justice Breyer, Justice
Kennedy and Justice Alito were the hardest questioners, although Justice Breyer
was clearly the most active.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justice Breyer raised
the specter that allowing FDCPA claims to be brought based on claims filed in
bankruptcy would undermine the authority of bankruptcy judges.<span style="mso-spacerun: yes;"> </span>He stated:</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Now, I thought
the point of the Bankruptcy Code was to have bankruptcy matters decided in a
bankruptcy court and not in an ordinary Article III court. So how do you
reconcile what you are arguing with the basic point of bankruptcy?</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>The
Chief Justice returned to this theme when the government argued as <i style="mso-bidi-font-style: normal;">amicus curiae</i>.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Well, bankruptcy
is very different. The whole idea is let's get everything here in one place and
--and deal with it, you know, and different priorities and all of that. I think
it's much more significant if you have things spinning out of the bankruptcy
estate being adjudicated elsewhere than the fact that you might have it as a
general matter in --in district courts.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">When the debtor’s
lawyer suggested that only “legitimate” disputes should be decided in
bankruptcy court Justice Breyer hit back.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">MR. GEYSER: Your
Honor, I think the point of the Bankruptcy Code is to have legitimate genuine
disputes resolved in the Bankruptcy Code.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">JUSTICE BREYER:
Really? Really. How interesting. Then what do they argue about? In -in --I
mean, are there cases in bankruptcy court where one side says, I have a
legitimate dispute and the other side says, no, you don't? Is that unheard of
in bankruptcy court?</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justice Breyer returned to this theme
again, telling counsel that it was “worrying” him and asking to have his
concerns allayed. </span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">The Chief Justice also
asked a series of questions about whether the application of the statute of
limitations was really that obvious, asking “is there some way we know that
there wasn't a tolling argument that could be raised in this case?”<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">I mean, their
argument is that that's exactly how bankruptcy works. Here we have a claim, and
if there is an objection to it, it shifts to the other side. It seems to me
that you're putting a burden on them to research the claim before asserting it
in bankruptcy.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justice Kennedy asked a series of
questions about whether the statute of limitations was a defense which could be
waived and why only two states provided that expiration of the statute of
limitations extinguished the debt. <span style="mso-spacerun: yes;"> </span>He
also said that this issue was “the trouble I'm having in this case.”</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Justice Alito pushed
back when debtor’s counsel suggested that there was a big cost to filing
objections to claims.<span style="mso-spacerun: yes;"> </span>He asked “I
can’t believe you couldn’t . . . have a computer program that does this
automatically.”<span style="mso-spacerun: yes;"> </span>However, he also
expressed concerns with both sides’ positions stating:</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">I find this is a
very difficult case because if --if your description of Midland's business
model is correct, it doesn't seem to me that it has much, if any, social
utility.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">On the other
hand, I have real a problem with your --with fitting your argument into the
concept of an affirmative defense. I thought an affirmative defense was a rule
of law that may allow the defendant to prevail if the defendant asserts the
defense. But you want to switch --you're switching that over to the side of the
plaintiff or the person filing the claim. It seems inconsistent with the whole
idea of an affirmative defense.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>Finally,
Justice Kennedy suggested that he might have concerns about the entire notion
that suing on time-barred debt should be actionable.<span style="mso-spacerun: yes;"> </span>He stated:</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">It's a little
hard for -to imagine how to write a opinion to say that the law is a trap for
the unwary. But that's --that's in effect what you want us to say.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span>There
were two important areas that were covered lightly or not at all in oral
argument.<span style="mso-spacerun: yes;"> </span>The <i style="mso-bidi-font-style: normal;">Crawford</i> case followed the logic that filing suit on a time-barred
debt violates the FDCPA and that filing a proof of claim is just like filing
suit.<span style="mso-spacerun: yes;"> </span>While there was discussion about
whether it would be difficult for trustees to object to claims and whether a ruling
for the debtor would invite satellite litigation in Article III courts, there
was very little discussion about the distinction between a collections lawsuit
initiated by a creditor and filing a proof of claim in a bankruptcy proceeding
initiated by the debtor.<span style="mso-spacerun: yes;"> </span>There was
also no discussion that I noticed about whether filing a proof of claim is a
request to receive a distribution from a common fund as opposed to an action to
collect from a consumer debtor.<span style="mso-spacerun: yes;"> </span>These
were both points stressed in NARCA’s <i style="mso-bidi-font-style: normal;">amicus</i>
brief submitted by Barron & Newburger.<span style="mso-spacerun: yes;">
</span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Most of the argument
was focused on the either/or notion that FDCPA should never apply in bankruptcy
or that it should always apply.<span style="mso-spacerun: yes;"> </span>There
was no focus on whether specific actions taken by a creditor in bankruptcy having
a direct impact upon a consumer debtor could be actionable under the FDCPA.<span style="mso-spacerun: yes;"> </span>This is consistent with the all or nothing
nature of the questions on which <i style="mso-bidi-font-style: normal;">certiorari
</i>was granted.<span style="mso-spacerun: yes;"> </span>However, by focusing
on whether FDCPA should <i style="mso-bidi-font-style: normal;">ever</i> apply in
bankruptcy, the Court could feel compelled to hold that it <i style="mso-bidi-font-style: normal;">always</i> applies in bankruptcy.<span style="mso-spacerun: yes;">
</span>In my view, filing a proof of claim is part of the administrative system
of bankruptcy and is simply not comparable to filing suit.<span style="mso-spacerun: yes;"> </span>However, there are other abusive practices
that occur in bankruptcy court that more closely resemble debt collection
activities and to which FDCPA might legitimately apply. </span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify; text-indent: 0.5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;">Trying to predict how
the Supreme Court will rule on a case based on oral argument is fraught with peril.<span style="mso-spacerun: yes;"> </span>Often the Justices are trying out
arguments to see where they go.<span style="mso-spacerun: yes;">
</span>However, based solely on the tone of the questioning, Justices
Sotomayor, Kagan and Ginsberg seem likely to favor the debtor while Chief
Justice Roberts and Justice Breyer seem likely to favor Midland.<span style="mso-spacerun: yes;"> </span>Justices Kennedy and Alito seemed to be
leaning in that direction as well.<span style="mso-spacerun: yes;"> </span>As
is typical, Justice Thomas did not speak at all.</span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 200%;"><span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0.5in 0.0001pt 0in; text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br clear="all" />
<hr size="1" style="margin-left: 0px; margin-right: 0px;" width="33%" />
<div id="ftn1">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "calibri" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">[1]</span></span></span></span></a> <span style="font-family: "times new roman" , "serif";">While some parties use the word
preempt, this is inaccurate, since one federal statute cannot preempt another
federal statute.<span style="mso-spacerun: yes;"> </span></span></div>
</div>
<div id="ftn2">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "calibri" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">[2]</span></span></span></span></a> <span style="font-family: "times new roman" , "serif";">Because <i style="mso-bidi-font-style: normal;">Simmons </i>pre-dates <i style="mso-bidi-font-style: normal;">Crawford</i>,
it did not reject it.<span style="mso-spacerun: yes;"> </span>However, its
rationale is consistent with the cases that have gone against <i style="mso-bidi-font-style: normal;">Crawford</i>.</span></div>
</div>
<div id="ftn3">
<div class="MsoFootnoteText">
<a href="https://www.blogger.com/blogger.g?blogID=822950240594244240#_ftnref3" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: "calibri" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">[3]</span></span></span></span></a> <span style="font-family: "times new roman" , "serif";">The Third Circuit subsequently
affirmed a take nothing summary judgment finding that the subpoenas were not
misleading even though they did not contain the text of Fed.R.Civ.P. 45(d) and
(e).<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Simon v. FIA Card Services, N.A.</i>, 639 Fed. Appx. 885 (3<sup>rd</sup>
Cir. 2016).</span></div>
</div>
</div>
<div style="text-align: justify;">
</div>
Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-822950240594244240.post-68257303049102965372017-03-22T10:36:00.000-07:002017-03-22T10:36:04.951-07:00Supreme Court Rules That Structured Dismissals Must Follow Priority Scheme<div style="text-align: justify;">
<div style="text-align: center;">
Stephen W. Sather</div>
<div style="text-align: center;">
Barron & Newburger, P.C.</div>
<div style="text-align: center;">
Austin, TX</div>
<div style="text-align: center;">
ssather@bn-lawyers.com </div>
<br />
<div class="separator" style="clear: both; text-align: center;">
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<br />
In
a blow to creative lawyering, the Supreme Court ruled today that a
structured dismissal which allocates value contrary to the priority
scheme of the Bankruptcy Code may not be approved. <i>Czyzewski v. Jevic Holding Corp</i>., No. 15-649 (U.S. 3/22/17). You can find the opinion <a href="https://www.supremecourt.gov/opinions/16pdf/15-649_k53m.pdf">here</a>.</div>
<br />
<a name='more'></a><b>What Happened</b><br />
<br />
<div style="text-align: justify;">
The
case arose out of a leveraged buyout gone wrong. Sun Capital Partners
acquired Jevic Transportation Company with money borrowed from CIT
Group. When Jevic closed its business and filed bankruptcy, two
lawsuits ensued. First, a group of truck drivers brought suit under
the WARN Act against both Jevic and Sun. Second, the Official
Committee of Unsecured Creditors sued Sun and CIT to unwind the
leveraged buyout as a fraudulent transfer. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
Bankruptcy Court granted summary judgment against the Debtor (but not
Sun) on the WARN Act claim resulting in a priority claim of $8.3 million
plus an unsecured claim of $4.1 million. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Meanwhile,
CIT and Sun reached a settlement with the Committee. CIT agreed to
fund $2.0 million to pay the Committee's legal fees and administrative
expenses. Sun agreed to transfer $1.7 million in cash upon which it
held a lien to pay taxes and administrative expenses with the balance to
be paid to unsecured creditors on a <i>pro rata</i> basis. However,
none of the funds would go to the priority claims of the WARN Act
claimants. Apparently Sun did not want to contribute funds to the WARN
Act claimants which they could use to further their case against Sun.
The case would then be dismissed in a structured dismissal.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Subsequently
the Third Circuit ruled that Sun was not liable on the WARN Act claims
because it was not the drivers' employer. If this ruling had come
earlier, Sun would have had no reason to subvert the priority scheme of
the Code and this case would never have made it to the Supreme
Court. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>The Court's Ruling</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The Court answered two questions. First, it found that the drivers had standing under <i>Spokeo</i>,
even though Sun claimed that they were irreversibly out of the money.
Second, the Court ruled that structured dismissals can not bypass the
Code's priority scheme absent consent any more than such result could be
reached in a case under Chapter 7 or a Chapter 11 plan. Justice
Thomas, joined by Justice Alito, dissented on the basis that cert was
improvidently granted. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u>Standing</u></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
On
the standing issue, Sun argued that the settlement was based on
bypassing the WARN Act claimants and that without the settlement there
would not be any funds for any of the creditors. However, the Court
sagely noted that since the WARN Act claimants failed in their suit
against Sun, there would be no reason to discriminate against them if
the case was remanded. Further, the Court found that if CIT and Sun
were willing to pay $3.7 million to settle that the fraudulent transfer
action clearly had value. Even if the case was not settled in chapter
11, the Court found that it could be pursued by a chapter 7 trustee or
that the creditors could pursue the action following a dismissal. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The Court remarked:</div>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Consequently,
the Bankruptcy Court’s approval of the structured dismissal cost
petitioners something. They lost a chance to obtain a settlement that
respected their priority. Or, if not that, they lost the power to bring
their own lawsuit on a claim that had a settlement value of $3.7
million. For standing purposes, a loss of even a small amount of money
is ordinarily an “injury.” And the ruling before us could well have
cost petitioners considerably more. A decision in petitioners’ favor is
likely to redress that loss. We accordingly conclude that petitioners
have standing. (internal citations omitted).</div>
</blockquote>
Opinion, p. 11. This ruling is consistent with many decisions coming down which have rejected <i>Spokeo</i> challenges in specific circumstances.<br />
<br />
<u>Priority</u><br />
<br />
While the Court's ruling on the priority issue takes up eight pages, it can be succinctly summarized in its first paragraph.<br />
<blockquote class="tr_bq">
<div style="text-align: justify;">
Can
a bankruptcy court approve a structured dismissal that provides for
distributions that do not follow ordinary priority rules without the
affected creditors’ consent? Our simple answer to this complicated
question is “no.”</div>
</blockquote>
<div style="text-align: justify;">
Opinion,
p. 14. The Court went on to explain that the Bankruptcy Code's
priority scheme "constitutes a basic underpinning of business bankruptcy
law." Ordinarily a dismissal restores the parties to the <i>status quo</i>.
While 11 U.S.C. Sec. 349(b) states that the Court may order
otherwise for cause, this is not carte blance to ignore the Code's
system of priorities. Rather, it exists to "give courts the
flexibility to “make the appropriate orders to protect rights acquired
in reliance on the bankruptcy case.”</div>
<br />
<div style="text-align: justify;">
The Court distinguished several precedents raised by the Respondents. In discussing Judge Harlin Hale's decision in <i>In re Buffet Partners, LP</i>,
2014 WL 3735804 (Bankr. N.D. Tex. 2014), the Court noted that no party
with an economic interest had objected. I wrote about the <i>Buffet Partners</i> case <a href="http://stevesathersbankruptcynews.blogspot.com/2014/11/this-is-article-about-end-of-chapter-11.html">here</a>. Thus, a structured dismissal is still possible absent objection.</div>
<br />
The
Court also noted that there were other instances in which bending the
Code's priority scheme would work for the common good and would be
permissible.<br />
<blockquote class="tr_bq">
<div style="text-align: justify;">
We recognize that <i>Iridium </i>is
not the only case in which a court has approved interim distributions
that violate ordinary priority rules. But in such instances one can
generally find significant Code-related objectives that the
priority-violating distributions serve. Courts, for example,have
approved “first-day” wage orders that allow payment of employees’
prepetition wages, “critical vendor” orders that allow payment of
essential suppliers’ prepetition invoices, and “roll-ups” that allow
lenders who continue financing the debtor to be paid first on their
prepetition claims. In doing so, these courts have usually found that
the distributions at issue would “enable a successful reorganization and
make even the disfavored creditors better off.” By way of contrast, in
a structured dismissal like the one ordered below, the
priority-violating distribution is attached to a final disposition; it
does not preserve the debtor as a going concern; it does not make the
disfavored creditors better off; it does not promote the possibility of a
confirmable plan; it does not help to restore the status quo ante; and
it does not protect reliance interests. In short, we cannot find in the
violation of ordinary priority rules that occurred here any significant
offsetting bankruptcy-related justification. (internal citations
omitted).</div>
</blockquote>
<div style="text-align: justify;">
Opinion,
pp. 18-19. Thus, the court is not shutting the door on common
practices in chapter 11 cases. Indeed, by referencing critical vendor
orders, the Court may have implicitly expanded what is permissible. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Instead, the Court found that the structured dismissal here was more like a <i>sub rosa</i> plan under <i>In re Braniff Airways, Inc.</i>, 700 F. 2d 935, 940 (5th Cir. 1983) in that it worked a final resolution of creditors' claims. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u>The Dissent</u></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Justice Thomas, joined by Justice Alito cried foul. They pointed out that the Court had granted <i>cert </i>
to answer the question of "whether a bankruptcy court may authorize the
distribution of settlement proceeds in a manner that violates the
statutory priority scheme." However, the issue that the Petitioners
actually briefed was “whether a Chapter 11 case may be terminated by a
‘structured dismissal’ that distributes estate property in violation of
the Bankruptcy Code’s priority scheme.” </div>
<br />
<div style="text-align: justify;">
While
the change in wording may appear slight, Justice Thomas argued that
there was a circuit split on the broader question of settlements that
violated the priority scheme but not as to structured dismissals. As a
result, he wrote:</div>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Today,
the Court answers a novel and important question of bankruptcy law.
Unfortunately, it does so without the benefit of any reasoned opinions
on the dispositive issue from the courts of appeals (apart from the
Court of Appeals’ opinion in this case) and with briefing on that issue
from only one of the parties. That is because, having persuaded us to
grant certiorari on one question, petitioners chose to argue a different
question on the merits. In light of that switch, I would dismiss the
writ of certiorari as improvidently granted.</div>
</blockquote>
Dissenting Opinion, p. 1.<br />
<br />
<b>What Does It Mean?</b><br />
<br />
The case seems to have three main take-aways:<br />
<br />
<ol style="text-align: justify;">
<li>A structured dismissal which allocates property outside of the
statutory priority scheme over the objection of a dissenting creditor
may not be allowed.</li>
<li>The priorities probably can be bypassed if no party objects.</li>
<li>Interim actions which bend the priority scheme may be allowed so
long as they are not a final resolution and advance a purpose under the
Code.</li>
</ol>
<div style="text-align: justify;">
<br /></div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-822950240594244240.post-30141001806930285692017-03-16T16:54:00.005-07:002017-03-16T17:03:14.529-07:00CLLA Pursues Legislative Goals on Capital Hill<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidy45cXlNOiW7amh6kTkbNmjF3Xm2mawWQPv5fjt8fNVhAUPS2-SUnKH9ZiWqfn7ckRQm3sudcSAoU67Q7kE2RZSWrHoi4C7_iC0u8yqrq67HyP8azhZz_q19vuakwHf8iwb1g2HAk0pU/s1600/16996106_10212218504755979_4646844104482704645_n.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidy45cXlNOiW7amh6kTkbNmjF3Xm2mawWQPv5fjt8fNVhAUPS2-SUnKH9ZiWqfn7ckRQm3sudcSAoU67Q7kE2RZSWrHoi4C7_iC0u8yqrq67HyP8azhZz_q19vuakwHf8iwb1g2HAk0pU/s320/16996106_10212218504755979_4646844104482704645_n.jpg" width="177" /></a><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">CLLA
members blanketed Capital Hill on February 27, 2017 to pursue their legislative
agenda with House and Senate staffers. Members hailed from states across
the country, including California, Georgia, Iowa, Massachusetts, Michigan, Ohio
and Texas. The league advanced proposals to reform the bankruptcy
venue and preference law. Links to the league's legislative
positions can be found <a href="http://clla.org/?page=news_position_papers"><span style="color: blue;">here</span></a> and <a href="http://clla.org/?page=resources_venue_rfm"><span style="color: blue;">here</span></a>.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">On venue, the CLLA
would like to eliminate state of incorporation venue and limit affiliate filing
to cases where lower tier entities file with parent company instead of allowing
the venue for one minor subsidiary to set venue for the entire group of
companies.</span></div>
</div>
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<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">The
CLLA offered a package of three preference reforms: requiring a meet and
confer before filing suit, requiring that cases under $50,000 be filed in the
defendant's forum and allowing payments under settlement agreements to fall
within the ordinary course of business defense. </span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "inherit" , "serif"; font-size: 12.0pt;"></span></div>
<a name='more'></a><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span><br />
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">Joe
Peiffer from Cedar Rapids, Iowa filed a video showing the effect of a Delaware
bankruptcy filing on an Iowa corn farmer. The video, which is well
worth watching, can be found <a href="https://www.youtube.com/watch?v=7GdifLvuRdw"><span style="color: blue;">here</span></a>.
According to Joe:</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKCLJsaUk_HiZb1kxVLrwEFX0NBELe3Il60ZLJe1Tuk3p7qiNqG8b16uId-BnnQxTaNPlqJy63xz7LktQ_0YqhtXe66ajZRJ38ri5Z7vwARnWKNizE2GfwG1dFexsMLlaqqKofYLThi-k/s1600/15355744_10212221073780203_8049564110838719452_n.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKCLJsaUk_HiZb1kxVLrwEFX0NBELe3Il60ZLJe1Tuk3p7qiNqG8b16uId-BnnQxTaNPlqJy63xz7LktQ_0YqhtXe66ajZRJ38ri5Z7vwARnWKNizE2GfwG1dFexsMLlaqqKofYLThi-k/s320/15355744_10212221073780203_8049564110838719452_n.jpg" width="176" /></a><br />
<blockquote class="tr_bq">
<div class="MsoNormal" style="line-height: normal;">
<i><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">Hill Day was an interesting day for
CLLA as it provided us with an opportunity to meet with our senators and
representatives to promote the cause of bankruptcy venue reform. The face
of the argument was changed dramatically by a video of a family farmer
explaining the difficulties that were encountered by Midwestern Farmers when
the VeraSun Energy Chapter 11 was filed in Delaware. Attitudes of
staffers appeared to change as they viewed an Iowa farmer explaining the
problems in seeking to obtain justice in Wilmington, DE, over 1,100 miles away
from the corporate headquarters in Sioux Falls, SD.</span></i></div>
</blockquote>
</div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">Peter
Califano <span style="color: #1f497d;">of</span> San Francisco, California is a
long-time venue warrior, having testified before Congress in 2011.
Peter commented:</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
<div style="text-align: justify;">
<br />
<blockquote class="tr_bq">
<div class="MsoNormal" style="line-height: normal;">
<i><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">Going to Washington DC is always a
special trip for me. It evokes memories -- beginning with appearing
before the school board in grade school, mentored and encouraged by Mr. Kemmer,
my 6<sup>th</sup> grade sociology teacher, who challenged us to initiate
change, make things better and not accept a mediocre status quo. Our Hill
Day effort on bankruptcy venue reform is all of that, and more – it’s also
making sure that an essential part of our country’s economy – bankruptcy,
functions as intended, and for all involved parties.</span></i></div>
</blockquote>
</div>
<div style="text-align: justify;">
<blockquote class="tr_bq">
<div class="MsoNormal" style="line-height: normal;">
<i><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">Each year that we appear to advocate on
this issue, the staffers we meet seem more and more receptive and supportive of
the proposed reform. And each year our team better captures the essential
reasons for a change in the law. Clearly our issue was advanced during
our Hill Day. All the meetings I participated in, I did not encounter one
substantive pushback for allowing for the continuation of the current broken
venue system. All of our discussions were focused on how to get it
done. I am especially appreciate the input and wisdom of our lobbyist,
Dave Goch, who come to think about it may be related to Mr. Kemmer.</span></i></div>
</blockquote>
</div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqClK7TCMzKyq5_vaYn1dSin4CjyFKcFObVrl5WtflqqCbpEvPfPJH-rD4ic5NffyeeuIV5rkNzPiaiyVu6jONGs6Zy5OGchOqM-V1n52OptHdOji6UJY1Kqnpy3otikk5JRBbwZ1f2g8/s1600/16998970_10212219813188689_8550217115341669806_n.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqClK7TCMzKyq5_vaYn1dSin4CjyFKcFObVrl5WtflqqCbpEvPfPJH-rD4ic5NffyeeuIV5rkNzPiaiyVu6jONGs6Zy5OGchOqM-V1n52OptHdOji6UJY1Kqnpy3otikk5JRBbwZ1f2g8/s320/16998970_10212219813188689_8550217115341669806_n.jpg" width="176" /></a><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;"> Stephen Sather, who is from
Austin, Texas gave his impressions:</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
<div style="text-align: justify;">
<blockquote class="tr_bq">
<div class="MsoNormal" style="line-height: normal;">
<i><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">I enjoyed meeting with staffers from my
Representative, both Senators and House and Senate Judiciary Committees.
Although they seemed very young, they were also well-informed and
engaged. For me, the big take-away was using
social media to talk about our positions. When I tweeted about
meeting with my Representative, I got a like back from his office.
I also got a call from a Wall Street Journal reporter who was interested to
hear about the League and its positions. </span></i></div>
</blockquote>
</div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">Reuel
Ash of Cincinnatti, Ohio described his experiences this way:</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></div>
<div style="text-align: justify;">
<br />
<blockquote class="tr_bq">
<div class="MsoNormal" style="line-height: normal;">
<i><span style="font-family: "inherit" , "serif"; font-size: 12.0pt;">This was my first Hill Day for the
CLLA, and I enjoyed it. Since I live in Cincinnati, I met with staffers
from both senators from Ohio (Sens. Sherrod Brown and Rob Portman) and both
House Representative members from Cincinnati’s districts (Reps. Steve Chabot
and Brad Wenstrup). I met with a staffer from California Senator
Feinstein’s office as well. I was on the team seeking changes in the
preference statute, which is not as sexy as venue or CFPB reform, but still
very important to our vendor and general business clients in Ohio and throughout
the region. The preference team’s objective, without getting into
the weeds, is to even the playing field for preference defendants, especially
those who get sued in the mega-cases. The staffers from Senator Feinstein
and Portman’s offices were especially knowledgeable and appeared interesting in
helping us achieve our goals. I suspect there’s a good chance that
we might get at least some of our wish list on a legislative bill within the
next couple of years. As to general impressions: It was exciting to be on
Capitol Hill and be in the middle of all of the political activity. The
Senate buildings and House buildings are inter-connected by basement tunnels,
so one can walk from one Senate building to another across the street (and same
with the House) without going outside. There is a whole other world in
the tunnels—I saw a barber shop, newsstand, and a great buffet cafeteria
among other treasures. It was also good to get to reinforce relationships
with CLLA colleagues and forge new ones. I encourage all CLLA attorney
members to participate in the next Hill Day.</span></i></div>
</blockquote>
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<![endif]--><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">By Hon. Judith K. Fitzgerald (Ret.)</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tucker Arensberg, P.C.</span></div>
<div style="text-align: center;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Professor of Practice, University of Pittsburgh School of Law </span></div>
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<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"> Mortgage insurance can be an expensive proposition
for homeowners at the same time that it provides assurance to lenders.<span style="mso-spacerun: yes;"> </span>Whether the term of paying insurance premiums
can be extended as the result of a mortgage modification was the topic of the
recent decision by the Court of Appeals for the Third Circuit in <b><i style="mso-bidi-font-style: normal;"><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;">Ginnine
Fried v. JP Morgan Chase & Co; JP Morgan Chase Bank NA, d/b/a Chase</span></i><span style="color: windowtext; text-decoration: none; text-underline: none;">,</span> </b>---
F.3d ---- (3d Cir. 2017), 2017 WL 929752 (3d. Cir. Mar. 9, 2017).<span style="mso-spacerun: yes;"> </span>The case involved a homeowner who sued<span style="color: black;"> JP Morgan Chase Bank (“Chase”) for unlawfully extending
the requirement to purchase private mortgage insurance. In reaching its decision, the
Court of Appeals examined the provisions of </span>the Homeowners Protection
Act (“Protection Act”), 12 U.S.C. § 4901 <i>et seq., </i><span style="mso-bidi-font-style: italic;">and concluded that the homeowner was
correct.<span style="mso-spacerun: yes;"> </span>Writing for the appellate
court, Judge Ambro asked: “</span>Does it [the Protection Act] permit a
servicer to rely on an updated property value, estimated by a broker, to
recalculate the length of a homeowner's mortgage insurance obligation following
a modification or must the ending of that obligation remain tied to the initial
purchase price of the home? We conclude the Protection Act requires the latter.”
<i style="mso-bidi-font-style: normal;">Ginnine Fried v. JP Morgan Chase &
Co; JP Morgan Chase Bank NA, d/b/a/ Chase</i>,<u> </u>No. 16-3069, 2017 WL
929752, at *1 (3d Cir. Mar. 9, 2017).</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none;">
<br />
<a name='more'></a><br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">The
facts were that the plaintiff homeowner, <span style="color: black;">Ginnine
Fried, bought a home in 2007 for $553,330. The appraisal obtained at the time estimated
the home’s value to be $570,000. To have the funds to purchase the home, Fried
borrowed $497,950 at a fixed interest rate and granted a mortgage on her home
as security. <span style="mso-spacerun: yes;"> </span>Because the
loan-to-purchase-price </span>was more than 80%, Chase (the servicer for the
loan) required private mortgage insurance, adding the monthly premiums to her
payments, until the ratio reached 78%.<span style="mso-spacerun: yes;">
</span>Fried would pay those premiums until the principal of the loan reached
$431,597, which was projected to happen just before March 2016.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Within a short time, Fried
had difficulty making mortgage payments and sought assistance through Home
Affordable Mortgage Program (“HAMP”), a federal aid program.<span style="mso-spacerun: yes;"> </span>Chase obtained a Broker’s Price Opinion
(“BPO”) to support the modified loan.<span style="mso-spacerun: yes;">
</span>Chase contended that it could recalculate the 80% loan-to-purchase-price
ratio to conform to the new principal balance.<span style="mso-spacerun: yes;">
</span>That is, Chase substituted its BPO of $420,000 for the home's $553,330
original value. Because the BPO was much smaller, Fried would not pay down her
outstanding principal balance to 78% of the BPO (78% x $420,000 = $327,600)
until November 1, 2026. Thus, although the principal balance was reduced to
$463,737, Chase extended Fried's mortgage insurance premiums an extra decade to
2026. If Chase had used the initial 78% value of $431,597 rather than the
$327,600 balance, under the modified mortgage, the outstanding principal
balance would reach 78% of her home's original value ($431,597) in July 2014.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">The Court began its
discussion with the requirement of the Protection Act, <span style="color: windowtext; text-decoration: none; text-underline: none;">12 U.S.C. §
4902(d)</span>:</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">If a mortgagor
and mortgagee (or holder of the mortgage) agree to a modification of the terms
or conditions of a loan pursuant to a residential mortgage transaction, the
cancellation date, termination date, or final termination shall be recalculated
to reflect the modified terms and conditions of such loan.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>The Protection Act clearly required
Chase to change the termination date of the modified mortgage in the process of
recalculating the principal balance and payment terms.<span style="mso-spacerun: yes;"> </span>However, the Court did not view the
Protection Act as authorizing a change to the initial loan-to-purchase-price
ratio inasmuch as “the Protection Act updates the termination date only with
respect to the loan provisions that the parties ‘agree’ to modify.”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Ginnine
Fried,</i> <i style="mso-bidi-font-style: normal;">supra</i>, 2017 WL 929752, at
*6.<span style="mso-spacerun: yes;"> </span>Fried did not agree to an extension
of the time during which she would have to pay mortgage insurance.<span style="mso-spacerun: yes;"> </span>The 10-year extension made a significant
difference in the payments Fried would be required to make.<span style="mso-spacerun: yes;"> </span>As the Court explained:</span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">In this way, the Protection Act's
mortgage insurance termination date sets a finish line that homeowners go
toward by paying down their mortgage debts. Fried started with a mortgage debt
of $497,950 and would reach her finish line once the outstanding principal debt
was $431,597. Put differently, she would cross this threshold after making
$66,353 of payments toward her mortgage's principal balance, which, according
to her initial amortization schedule, she would do in 2016. When her mortgage
was modified, Fried leapt forward toward her goal: the modification decreased
her outstanding principal balance to $463,737, so she would reach the $431,597
finish line sooner, in 2014, by making just $32,140 in principal payments. But
when Chase substituted the BPO for the original value of Fried's home, it moved
the finish line. Seventy-eight percent of the $420,000 BPO is $327,600.
According to her modified amortization schedule, Fried would not pay down her
mortgage debt to Chase's new $327,600 finish line—more than $136,137 in
mortgage principal payments away—until 2026.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<i style="mso-bidi-font-style: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">Id.
</span></u></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">at
*3.</span> </div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">Chase
also argued that HAMP required, or at least authorized, the change because the
revised calculation pursuant to the BPO it obtained was a “condition” of the
modification.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>While acknowledging that a BPO is one form of property
value assessment that a bank can use when considering a loan modification, the
Court did not view the new calculation as replacing the original value of Fried's
property for mortgage insurance purposes.<span style="mso-spacerun: yes;">
</span>Rather, Judge Ambro returned to the language of the Protection Act as
relying on “changes to the terms and conditions of the loan itself. <span style="mso-spacerun: yes;"> </span>No matter what led to the modification, the
key inquiry is which of the <i>loan's</i> terms and conditions were modified,
not any conditions precedent.”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Id.</i> at *5.<span style="mso-spacerun: yes;"> </span>The Court noted that nothing in HAMP’s
requirements required substitution of the BPO for the original value, which the
parties agreed was the original purchase price of the property.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">Looking
for support for its argument, Chase cited the Protection Act's statutory
structure and legislative history.<span style="mso-spacerun: yes;"> </span>The
Court disagreed that either supported Chase.<span style="mso-spacerun: yes;">
</span>Rather, the Court noted: <span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Congress amended
in 2000 the Protection Act with respect to loan modifications and refinancing
transactions. <i>See</i> Private Mortgage Insurance Technical Corrections and
Clarification Act (the “Corrections Act”), <span style="color: windowtext; text-decoration: none; text-underline: none;">P.L. 106-569,
114 Stat. 2944 (2000)</span> (amending <span style="color: windowtext; text-decoration: none; text-underline: none;">12 U.S.C. §§
4901</span>, <span style="color: windowtext; text-decoration: none; text-underline: none;">4902</span>,
<span style="color: windowtext; text-decoration: none; text-underline: none;">4903</span>,
<span style="color: windowtext; text-decoration: none; text-underline: none;">4905</span>).
The purpose of the Corrections Act was, among other things, to eliminate
“uncertainty relating to the cancellation and termination of [mortgage
insurance] for ... loans whose terms or rates are modified over the life of the
loan.” 146 Cong. Rec. H. 3578-02, H3579 (May 23, 2000).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">With respect to
mortgage refinance transactions, which are distinct from mortgage
modifications, Congress amended the definition of “original value” such that
“[i]n the case of a residential mortgage transaction for refinancing the
principal residence of the mortgagor, [original value] means only the appraised
value relied upon by the mortgagee to approve the refinance transaction.” <span style="color: windowtext; text-decoration: none; text-underline: none;">12 U.S.C. §
4901(12)</span>. Thus, when a homeowner refinances her home mortgage loan,
the “original value” of her home will become the appraised value relied on by
the mortgagee. And, accordingly, her termination date will reflect the new
“original value.” <i>See</i> <span style="color: windowtext; text-decoration: none; text-underline: none;">12 U.S.C. §
4901(18)</span>.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: .5in; margin-top: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">But for mortgage
modifications Congress did not make any such provision to update a home's
original value. . . .</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Id. </span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">at *7.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">The Court explained
that a modification is an alteration or amendment to the existing mortgage
contract, not a new “residential mortgage transaction.” <i>See</i> 12 U.S.C. §
4901(15). <span style="mso-spacerun: yes;"> </span>“Congress reasonably chose to
treat mortgage modifications and refinancing transactions differently. Its
explicit command to update the original value of a home when a mortgage is
refinanced is strong evidence that it declined to permit such an update
impliedly for mortgage modifications.”<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">Id.</i> at *8.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Chase
next relied on the premise that the Court should defer to Fannie Mae's
interpretation of the Protection Act under the doctrine of <i>Skidmore v. Swift
& Co</i>., 323 U.S. 134 (1944).<span style="mso-spacerun: yes;"> </span>Once
again, the Court disagreed, noting, <i style="mso-bidi-font-style: normal;">inter
alia,</i> that Fannie Mae's Guidelines “simply do not square with the text of
the Protection Act” and that neither Fannie Mae nor Freddie Mac administer the
Protection Act, and neither is an administrative agency. <span style="mso-spacerun: yes;"> </span>Rather, both “are federally-chartered but
privately owned corporations that issue publicly traded securities.” <i style="mso-bidi-font-style: normal;">Id. </i>at *9 (quoting <i>Delaware Cty., Pa.
v. Fed. Hous. Fin. Age</i>ncy, 747 F.3d 215, 219 (3d Cir. 2014) (footnote
omitted).</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">After
discussing a statute of limitations issue concerning the specific facts of the
case, the Court concluded that “[w]hen it passed the Protection Act, Congress
made a tradeoff between precision and predictability that we are not free to
rebalance.”<span style="mso-spacerun: yes;"> </span>The Court affirmed the
District Court's refusal to dismiss the action, holding that Fried had stated a
claim that Chase violated the Protection Act, and remanded for further
proceedings.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">A
lesson for lenders:<span style="mso-spacerun: yes;"> </span>the initial purchase
price of the residence will govern the loan-to-purchase-price ratio for
purposes of homeowner’s mortgage insurance.<span style="mso-spacerun: yes;">
</span></span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 10.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-822950240594244240.post-57220452399924285082017-03-09T11:42:00.000-08:002017-03-09T11:45:57.370-08:00Court Rules "Informational" Letters Did Not Violate Discharge<div style="text-align: center;">
By Stephen W. Sather</div>
<div style="text-align: center;">
Barron & Newburger, P.C.</div>
<div style="text-align: center;">
Austin, Texas</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
A recurring problem in bankruptcy is how lenders can provide
information about a debt to a borrower without violating the discharge
or the automatic stay. In some cases the borrower may wish to <nobr style="font-size: inherit;"><span style="color: black;">continue</span></nobr>
making payments and would appreciate receiving payment notices. In
other cases, the lender may be required to send notices to the borrower
in order to comply with state laws governing foreclosures. In these
cases, lenders must walk a fine line between conveying information and
coercively seeking to collect a debt. <i>In re Roth</i>, 2017 U.S. Dist. LEXIS 28710 (M.D. Fl. 2017) illustrates how to send a notice that does not violate the Bankruptcy Code.</div>
<div style="text-align: justify;">
<br />
<a name='more'></a><br /></div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxh50a3VTpV7p_nAO-7OZ2zBQoqGnKX476mP70AncP3kMao74E1Smwe38n2bTDgfaX10gTsSpMsa1yebaWeIykrxIRKkLMw8dBieb_jEMX3Xaxqn5PYL9ZFhDuFQ87AC5vOMWnqKGDgLY/s1600/Steve0180%2528Medium%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxh50a3VTpV7p_nAO-7OZ2zBQoqGnKX476mP70AncP3kMao74E1Smwe38n2bTDgfaX10gTsSpMsa1yebaWeIykrxIRKkLMw8dBieb_jEMX3Xaxqn5PYL9ZFhDuFQ87AC5vOMWnqKGDgLY/s200/Steve0180%2528Medium%2529.jpg" width="133" /></a>In <i>Roth</i>, the Debtor filed a chapter 13 proceeding and
confirmed a plan. Under the plan, the Debtor elected to surrender real
property securing a debt owed to BAC <nobr style="font-size: inherit;"><span style="color: black;">Home Loan</span></nobr>
Servicing. The debt was subsequently transferred to Nationstar.
After the Debtor completed her plan and received a discharge, Nationstar
began sending statements to the Debtor. The Debtor brought both a
motion for sanctions for violation of the discharge and a suit under the
FDCPA. The Bankruptcy Court denied the motion for sanctions, finding
that the “Informational Statement” did not constitute an attempt to
collect a debt. The case was then appealed to the U.S. District Court
which affirmed the Bankruptcy Court’s denial of sanctions.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Key to the Court’s ruling was a disclaimer in bold type on the top of the first page stating:</div>
<blockquote class="tr_bq">
<div style="text-align: justify;">
<b>This statement is sent for
informational purposes only and is not intended to collect, assess, or
recover a discharged debt from you, or as a demand for payment from any
individuals protected by the United States Bankruptcy Code. If this
account is active or has been discharged in a bankruptcy</b> <b>proceeding,
be advised this communication is for informational purposes only and is
not an attempt to collect a debt. Please note, however Nationstar
reserves the right to exercise its legal rights, including but not
limited to <nobr style="font-size: inherit;">foreclosure</nobr> of its lien interest, only against the property security the original obligation</b>.</div>
</blockquote>
<div style="text-align: justify;">
Included with the letter was a payment coupon labeled “Voluntary
Payment Coupon.” The Bankruptcy Court noted that the Bankruptcy Code
contemplates that a Debtor may choose to make voluntary payments on a
discharged debt and that the lender could make some contact with the
Debtor so long as the communication did not amount to an attempt to
collect a debt.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
On appeal, the Debtor argued that in the related action under the Fair Debt <nobr style="font-size: inherit;"><span style="color: black;">Collection Practices</span></nobr>
Act (“FDCPA”), the Court found that the “Informational Statement” was
an attempt to collect a debt. However, the District Court distinguished
the standards under the FDCPA and the Bankruptcy Code. Under the FDCPA,
the test is whether the “least sophisticated consumer” would interpret
the statement as an attempt to collect a debt. The inquiry in
bankruptcy, however, is whether the communication was an actual attempt
to collect a debt.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The <nobr style="font-size: inherit;"><span style="color: black;">District Court</span></nobr>
also rejected the Debtor’s argument that the Bankruptcy Court should
have conducted a hearing to determine the lender’s intent in sending the
“Informational Statement.” The Court found that subjective intent was
not relevant to whether the specific conduct violated the discharge.
As a result, the District Court affirmed the Bankruptcy Court’s ruling.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The decision provides two main takeaways. The first is that a
prominently placed disclaimer such as the one in this case can keep a
communication from turning into an attempt to collect a debt (at least
under the Bankruptcy Code). However, it is important to consider the
totality of the circumstances. Had the notice been placed on the back
of the letter or if the payment coupon had not said “voluntary” on it,
the result could have been different.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The second takeaway is that the same conduct may have different
consequences under the Bankruptcy Code and the FDCPA. In the separate
case under the FDCPA, the District Court found that the allegation that
the least sophisticated consumer might be misled by the Informational
Statement was plausible enough to state a cause of action. Of course,
the fact that the Complaint stated a cause of action does not mean that
the Debtor will ultimately prevail. Nevertheless, it is significant
that the same letter led to different results under the two statutory
schemes.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: center;">
<br /></div>
Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-822950240594244240.post-53092459654503520682017-02-16T15:26:00.002-08:002017-03-13T13:45:35.894-07:00Delaware Judge Swiftly Transfers Hospital Case<div style="text-align: center;">
By Stephen W. Sather</div>
<div style="text-align: center;">
ssather@bn-lawyers.com</div>
<div style="text-align: center;">
Barron & Newburger, P.C.</div>
<div style="text-align: center;">
Austin, TX</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: justify;">
I recently wrote about a case that could not escape Delaware's gravity <a href="http://clla-ba.blogspot.com/2016/03/texas-based-debtor-stays-bound-by.html">here.</a> However, a new decision from Judge Laurie Selber Silverstein shows that it is possible to gain a transfer of venue out of The First State. Case No. 17-10201, <i>In re LMCHH PCP, LLC </i>(Bankr D. Del). </div>
<div style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC8EwYci6Yik70lwko1Qv5EX6UFcmHoJZDe-6GZnbL48tz3KqhkWxmWBVqBtFiD6Zi6TmCCsaDxzozxoEHOAOPvo1R5VS7HbXyKmLhQvuVh-d1cOjFcjXLffqRxXiBDFF2nCSrkziSCwA/s1600/Steve0196%2528Medium%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC8EwYci6Yik70lwko1Qv5EX6UFcmHoJZDe-6GZnbL48tz3KqhkWxmWBVqBtFiD6Zi6TmCCsaDxzozxoEHOAOPvo1R5VS7HbXyKmLhQvuVh-d1cOjFcjXLffqRxXiBDFF2nCSrkziSCwA/s200/Steve0196%2528Medium%2529.jpg" width="133" /></a></div>
<div style="text-align: justify;">
The case involved two jointly administered entities. Louisiana Medical Center and Heart Hospital, LLC operated a hospital in Lacombe, Louisiana near New Orleans. LMCHH PCP, LLC was the entity formed as a Physicians Group. The hospital saw a surge in business after it was spared by the surging waters of Hurricane Katrina. Unfortunately, when the hospital underwent a $40 million expansion, it could not cover its cost of operations. When it could not locate a buyer outside of bankruptcy, it chose to file chapter 11.</div>
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The Debtors filed their petitions on January 31, 2017. Two days later, on February 2, 2017, McKesson Corporation filed a Motion to Transfer Venue. The Motion stated that </div>
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This Court should transfer venue to the Louisiana Court because it is in the best interests of patients and the other stakeholders to have the local bankruptcy court handle the wind down, closure and potential sale/liquidation of this single hospital located in Lacombe, Louisiana. In single-location hospital and healthcare bankruptcy cases, the local bankruptcy court always is the best venue to oversee the myriad of issues that arise in these types of healthcare bankruptcy cases.</blockquote>
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The motion identified four other healthcare cases that had been transferred out of Delaware as support. </div>
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McKesson also requested that the Court shorten the time for the hearing on the motion. The next day the Court obliged, setting a hearing for February 15, 2017. The Debtors elected not to contest the motion and it was granted on February 14, 2017, just fifteen days after the case was filed.</div>
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This case offers several lessons for parties wishing to have a case filed in Delaware heard closer to home. First, speed in filing the motion is essential. McKesson was ready with its motion just two days after the case was filed. Second, McKesson obtained an expedited hearing. The longer a case is pending before the motion to transfer is heard, the more likely that it will put down roots and resist being moved. Finally, McKesson succeeded in showing local concerns unique to a single location hospital and prior Delaware precedent. </div>
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This was a good example of a case that needed to come home. On the one hand, it was not a particularly large case nor was it unusually complicated. On the other hand, its single location fell under the regulatory jurisdiction of the State of Louisiana. While this was undoubtedly a good result, it does raise the question of why it was ever filed in Delaware in the first place.</div>
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