Debtor was allowed to exempt interest in Dairy Cooperative equity account under § 522(d)(10)(E) because account was payable on account of age and was similar to a profit-sharing plan.
Although the absolute priority rule continues to apply to individual chapter 11 debtors, debtor does not violate the rule by retaining exempt property.
Debtor's tree farm operation probably did not qualify for Chapter 12, and Debtor's plan was not feasible.
When Clerk issues notice of second claims bar date in reconverted case, creditor could file claim in reliance on that notice.
Court dismissed Debtors' challenges to mortgage note and mortgage that had been transferred to securitized trust based on Wisconsin law concerning endorsement of negotiable instruments and also denied Debtors' RICO, FDCPA and common law fraud claims. The Decision discusses the procedure for deciding an adversary proceeding that involves core and non-core claims as well as the Rooker Feldman doctrine.
Based on Rooker-Feldman doctrine and doctrine of claim preclusion, Chapter 13 Debtors' attempt to strip mortgage lien denied when state court previously determined that mortgage was in first position.
Court allows late-filed Chapter 13 claim for creditor without notice under three limited conditions.
Court denied creditors' committee's request for derivative standing to bring fraudulent transfer claim against Debtor's parishes.
Court denied creditors' committee's request to (1) assert alter ego claims against Debtor's parishes; and (2) substantively consolidate the parishes with the Debtor.
Trustee could recover preferential payment made by Debtor contractor to subcontractor despite Wisconsin Statute creating trust fund in amounts paid by owners to contractors, because between date that Debtor received payment from owner and check to subcontractor cleared Debtor's bank, Debtor's bank account went into a negative balance. Under the "lowest intermediate balance test," this destroyed the trust fund. Subcontractor's giving of a lien release did not satisfy the contemporaneous exchange defense, but whether payment was in ordinary course of business could not be decided on summary judgment, based on the materials submitted.