Summary:
Debtor objected to a Proof of Claim in a 100% dividend Chapter 13 plan filed by Oak Harbor Capital VII (“Oak Harbor”) for an obligation purchased from Barclays Bank, asserting that the claim fails to comply with the requirements of certain subsections of the North Carolina Collection Agency Act (“NCAA”) N.C.G.S. § 58-70-1 et seq. , and therefore should be disallowed pursuant to 11 U.S.C. § 502(b)(1).
Finding that while some applicable non-bankruptcy law, such as the Statute of Limitations, would render a claim unenforceable, the NCCCA at N.C.G.S.
By Ed Boltz, 4 November, 2013
Summary:
In 2005, David Allison approached Elizabeth McKinny with an investment opportunity in Venture Capital In Motion (“VCIM”), wherein McKinny would, as an “approved investor”, obtain irrevocable bank guarantees for her $500,000 investment. When VCIM failed and the funds were lost, McKinny brought suit against Allison alleging claims for breach of the promissory note, common law fraud, and securities fraud, alleging violation of 15 U.S.C. § 78j(b) and 17 C.F.R. § 240.10b- 5.
By Ed Boltz, 4 November, 2013
Summary:
The Debtor was the manager and majority member of IYB Properties (“IYB”), where he executed and personally guaranteed a promissory note in favor of Prestige Wealth Management (“Prestige”) for $1.5 million. The Debtor owned an 85% interest in IYB, with Prestige holding 15%, with the purpose of acquiring and developing specific real property to expand the recycling operation owned by the Debtor.
By Ed Boltz, 4 November, 2013
Summary:
Petromax sought to prohibit the use by the Debtor of cash collateral of all of the profits produced by convenience stores, or at least a portion of the funds attributable to rent payments, due to an assignment of “rents and emoluments from the premises” provision in a Deed of Trust.
In the present case, the bankruptcy court drew a distinction between income generated by the real property itself, which would constitute “rents”, and sales and services, which are merely sold or performed at the location, even if those services and sales relied on improvements on the re
By Ed Boltz, 4 November, 2013
Summary:
Following a objections to a Chapter 11 plan by the bankruptcy administrator, First Citizens Bank and other creditors, the Debtor negotiated confirmation, which provided, in part pertinent to this decision, that it would be allowed 11 months to actively market and sell to parcels of real property, against which First Citizens held liens. Failure to sell the collateral during that time would allow First Citizens to foreclose.
By Ed Boltz, 4 November, 2013
Summary:
Pursuant to 11 U.S.C. § 548, the Chapter 7 Trustee sought to recover transfers made for the benefit of Bacchus within two years of the bankruptcy filing, arguing that the transfer were a fraudulent conveyance. Bacchus disputed the allegations that the Debtor received less that the reasonably equivalent value, as the payments were for an obligation owed by the debtor to Bacchus’ deceased father for the purchase of grain, which had been stored on the debtor’s property.
By Ed Boltz, 22 May, 2013
Summary:
The Debtor filed Chapter 7 in 1998 and received a discharge shortly thereafter. In 2009, the Debtor commenced litigation in Florida regarding 24,000 shares of SafeCard, Inc. stock, purchased for approximately $120,000.00 in November 1977, upon which the Debtor had never received distributions or dividends. The Debtor had not listed this asset in his petition and accordingly, the Chapter 7 Trustee reopened the case in September 2012, but took no subsequent steps to administer the asset.
By Ed Boltz, 22 May, 2013
Summary:
The Debtor had since 1998 complied with the requirements of N.C.G.S. § 105-306 to list for taxes the personal property owned in Wake County. The Debtor was required to file such a disclosure between January 1st and 31st of 2009, but failed to do so, instead filing bankruptcy on February 18, 2009. On September 30, 2009, Wake County subsequently sent the Debtor a notice that it had assessed taxes at a “discovered value” of 125% of the value from the previous year and that the Debtor had, pursuant to N.C.G.S. § 105-312(d), thirty (30) days to contest this value.
By Ed Boltz, 22 May, 2013
Summary:
Plaintiffs had brought suit against Howard A. Jacobson (“Jacobson”), Envision Sales & Marketing Group LLC (“Envision”), CILPS Acquisition LLC (“CILPS”), and the debtor (collectively “business court defendants”) and it was designated a mandatory complex business case and assigned to the North Carolina Business Court pursuant to N.C. Gen. Stat. § 7A–45.4(b).
By Ed Boltz, 26 March, 2013
Summary:
The McClendons sought to purchase a home built by Jim Walters Homes (JWH) and financed by Walter Mortgage Company (WMC). Both the construction and the financing went through several permutations, with the size of the house, the amount of the loan, and the loan interest rate, increasing several times.