Victor Cuvo, Attorney at Law
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From: Justia Daily Opinion Summaries <notifications@justia.info>
Date: May 30, 2012 8:00:51 AM CDT
To: Victor Cuvo <vacuvo@yahoo.com>
Subject: U.S. Supreme Court Summaries for May 30, 2012
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Daily Opinion Summaries
U.S. Supreme Court
Summaries for May 30, 2012
- RadLAX Gateway Hotel, LLC v. Amalgamated Bank
Banking, Bankruptcy
Receive this and other FREE daily opinion summaries from Justia RadLAX Gateway Hotel, LLC v. Amalgamated Bank
Docket: 11-166 Opinion Date: May 29, 2012 Judge: Scalia
Areas of Law: Banking, Bankruptcy
Debtors obtained a secured loan from an investment fund, for which the Bank served as trustee. Debtors ultimately became insolvent, seeking relief under 11 U.S.C. 1129(b)(2)(A), where debtors sought to confirm a "cramdown" bankruptcy plan over the Bank's objection. The Bankruptcy Court denied debtors' request, concluding that the auction procedures did not comply with section 1129(b)(2)(A)'s requirements for cramdown plans and the Seventh Circuit affirmed. The Court held that debtors could not obtain confirmation of a Chapter 11 cramdown plan that provided for the sale of collateral free and clear of the Bank's lien, but did not permit the Bank to credit-bid at the sale. Accordingly, the Court affirmed the judgment of the Court of Appeals.
http://j.st/WgV 
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