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Amending schedules in chapter 11 cases when property
I'd say that if the Court values a piece of property *as of the
petition*date to be X, then you probably should update the schedules
to reflect that
value because the petition is supposed to reflect the value of the property
as of the petition date. I don't think this is a big deal and most people
probably do not update the schedules if the case has been going on for a
while.
However, you should *never* update the schedules to reflect current value.
I think this is the message Judge Z tells Keith to give us at the beginning
of the CDCBAA meetings. Schedules value as of the petition date only.
Sincerely,
Michael Avanesian
Law Offices of David A. Tilem
www.tilemlaw.com
818-507-6000
On Mon, Jul 8, 2013 at 5:34 PM, John D. Faucher
wrote:
> **
>
>
> No need to change the schedules, but don't try to confirm a plan without
> updating the asset values, including appraisals for real property. The
> valuation updates, of course, go into the liquidation analysis in your
> disclosure statement.
>
> John D. Faucher
> Faucher & Associates
> *818/889-8080*
>
>
> On Mon, Jul 8, 2013 at 5:26 PM, Alik Segal wrote:
>
>> **
>>
>>
>> Listmates:
>>
>> Chapter 11 cases take time. During this time property values or claim
>> amounts change as a result of court ruling or compromise.
>>
>> Should the schedules be amended when, as a result of compromise or court
>> ruling, properties values or claim amounts change?
>>
>>
>> Alik Segal
>> Alik.Segal@gmail.com
>> 310-362-6157
>> California Central District
>>
>>
>
>
I'd say that if the Court values a piece of property as of the petition date to be X, then you probably should update the schedules to reflect that value because the petition is supposed to reflect the value of the property as of the petition date. I don't think this is a big deal and most people probably do not update the schedules if the case has been going on for a while.
However, you should never update the schedules to reflect current value. I think this is the message Judge Z tells Keith to give us at the beginning of the CDCBAA meetings. Schedules value as of the petition date only.
Sincerely, Michael AvanesianLaw Offices of David A. Tilemwww.tilemlaw.com
818-507-6000
On Mon, Jul 8, 2013 at 5:34 PM, John D. Faucher <j.d.faucher@sbcglobal.net> wrote:
No need to change the schedules, but don't try to confirm a plan without updating the asset values, including appraisals for real property. The valuation updates, of course, go into the liquidation analysis in your disclosure statement.
John D. Faucher
Faucher & Associates818/889-8080
On Mon, Jul 8, 2013 at 5:26 PM, Alik Segal <
Listmates:Chapter 11 cases take time. During this time property values or claim amounts change as a result of court ruling or compromise.
Should the schedules be amended when, as a result of
compromise or court ruling, properties values or claim amounts change?Alik SegalAlik.Segal@gmail.com310-362-6157
California Central District
The post was migrated from Yahoo.
No need to change the schedules, but don't try to confirm a plan without
updating the asset values, including appraisals for real property. The
valuation updates, of course, go into the liquidation analysis in your
disclosure statement.
John D. Faucher
Faucher & Associates
*818/889-8080*
On Mon, Jul 8, 2013 at 5:26 PM, Alik Segal wrote:
> **
>
>
> Listmates:
>
> Chapter 11 cases take time. During this time property values or claim
> amounts change as a result of court ruling or compromise.
>
> Should the schedules be amended when, as a result of compromise or court
> ruling, properties values or claim amounts change?
>
>
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> California Central District
>
>
>
No need to change the schedules, but don't try to confirm a plan without updating the asset values, including appraisals for real property. The valuation updates, of course, go into the liquidation analysis in your disclosure statement.
John D. Faucher
Faucher & Associates818/889-8080
On Mon, Jul 8, 2013 at 5:26 PM, Alik Segal <
Listmates:Chapter 11 cases take time. During this time property values or claim amounts change as a result of court ruling or compromise.
Should the schedules be amended when, as a result of
compromise or court ruling, properties values or claim amounts change?Alik SegalAlik.Segal@gmail.com310-362-6157
California Central District
The post was migrated from Yahoo.