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Effect of Pending Appeal on Claim Allowance Under 502=
My recollection is that in the 9th Cir. the appeal may not proceed unless the debtor, yes the debtor, obtains relief from stay. The issue arose in a case I had a few years ago before VZ.
Law Office of Eric Alan Mitnick
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To: cdcbaa
Sent: Thu, Apr 16, 2015 7:58 am
Subject: Re: [cdcbaa] Effect of Pending Appeal on Claim Allowance Under 502
Why don't you ask the court for a continuance?
Law Office of Catherine Christiansen
Certified Specialist, Bankruptcy Law, The State Bar of California Board of Legal Specialization.
On Wednesday, April 15, 2015 4:40 PM, "jsmith@cgsattys.com [cdcbaa]" wrote:
My Chapter 11 debtors have a massive civil judment against them in another state for a personal injury action that went to a jury trial. Their insurance carrier is paying for an appeal of that verdict. The appeal was argued out of state yesterday. Expect a result in a few weeks/months. Plaintiffs timely filed proofs of claim that attach their judgment(s). My DS & Plan are due essentially now.
Appellate counsel is arguing a point of law, that if accepted by the state appellate court, would absolve the Debtors of ALL liability. In other words, the biggest argument on the table is "all or nothing" in that appeal. I am looking for case law that allows me to make a limited objection to the claims on the basis of the pending appeal. If we win, we owe these claimants nothing. If we lose the appeal we have to account for them in the plan as un secured creditors. I've been at this research all day, and cannot find a thing on the effect of an appeal of a jugment on the allowance of a claim.
I want to object that the claim is still contingent until the appeal concludes, but I'm not sure that is the right language. I am almost certain that I have seen a case in my career on this issue, but I'm drawing blanks right now.
If the claim is allowed it completely skews all the voting numbers and really the plan. The judgments are millions of dollars and outweigh all other debts. If not allowed the plan is pretty simple, we can pay everybody, relatively quick. If allowed, they control the confirmation process and cram down might be an issue.
If the appeal is not the basis of objection, then I would ask if you believe that there is basis to seperately classify these claimants based on the pending appeal. ; It really makes the Plan tough to draft if it is but I'd try to work it that way if I had to. Thanks
Jeffrey B. Smith
My recollection is that in the 9th Cir. the appeal may not proceed unless the debtor, yes the debtor, obtains relief from stay. The issue arose in a case I had a few years ago before VZ.
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
Telephone: (310) 792-5864
E-mail: MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
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To: cdcbaa <cdcbaa@yahoogroups.com>
Sent: Thu, Apr 16, 2015 7:58 am
Subject: Re: [cdcbaa] Effect of Pending Appeal on Claim Allowance Under 502
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