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Ambiguous Clauses Must Be Read in Context of Entire Agreement

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September 13, 2021, Southern District of New York – Capstone Asset Management Co., Ltd. (“Capstone”) sued Defendants Dearborn Capital Group LLC (“Dearborn”) and its principal Oren Richland to recover out-of-pocket expenses that it incurred during its attempt to assist the Defendants in securing financing. Capstone alleges that Dearborn breached the explicit obligation memorialized in two […]
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Sixth Circuit – Unsigned Promissory Notes Have Little Probative Value & Limited Admissibility as Evidence

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September 8, 2021, Eastern District of Michigan – Debtor Oakland Physicians Medical Center, L.L.C., d/b/a Doctors’ Hospital of Michigan (represented by Trustee Basil Simon, collectively hereinafter “Debtor”) filed for Chapter 11 Bankruptcy in 2015. One of Debtor’s member-physicians, Defendant-Appellant Michael Short filed a proof of claim for $952,377.80 that he alleged he advanced to Debtor as […]
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A Montana Court Rules on Disagreement About the Legal Classification of Pre-Petition Transactions & Trustee’s Preference Claim

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September 10, 2021, District of Montana – Debtor Shoot the Moon, LLC operated sixteen restaurants located throughout the three states. Debtor restaurants encountered various financial pressures and sought additional financing from various sources including merchant cash advance companies as Defendant CapCall. Debtor and CapCall consummated eighteen transactions under various written merchant agreements. Eventually, the Debtor […]
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Second Circuit – No Abuse of Discretion in the District Court’s Denial of Leave to Amend the Trustee’s Intentional Fraudulent Transfer Claims in the Tribune Co. Fraudulent Conveyance

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August 20, 2021, Southern District of New York – The United States Court of Appeals for the Second Circuit recently ruled on the appeal from a judgment and orders of the United States District Court for the Southern District of New York in the Tribune Company Fraudulent Conveyance case. By way of background, in 2007, […]
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Delaware Bankruptcy Court Grants Defendants’ Motion to Dismiss As Claims Were Time-Barred Under DUFTA

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August 20, 2021, District of Delaware – Plaintiff Trustee George L. Miller, for the jointly administered bankruptcy estates of the Debtors J&M Sales, Inc. filed an adversary alleging that the Debtors’ owners (‘Fallas’) operated and controlled a vast enterprise of entities that functioned as the alter-egos of the Debtors, and used the Debtors to sustain […]
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“Actions A Corporate Fiduciary Takes Under A Contract With His Corporation May Breach The Contract Itself, But It Does Not Breach Its Duties to the Corporation “, Illinois Bankruptcy Court Dismisses Trustee Goldstein’s Complaint For Breach Of Fiduciary Duty & Fraudulent Transfer

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May 17, 2021, Northern District of Illinois – Debtor VitaHEAT Medical, LLC manufactured and sold medical products. Defendant William Haas was the director of the Debtor, and his company, Defendant Thinheat, LLC, was one of the Debtor’s members. Thinheat owned several patents and in 2012 issued a patent license to the Debtor. Six years later, […]
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