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Bankruptcy Matters

By FindLaw Staff on August 15, 2010 5:06 PM

In re: Celotex Corp., No. 09-12000, involved adversary proceedings in bankruptcy court concerning creditors' property damage claims against debtor.  The court affirmed the dismissal of the action on the ground that the express provisions of the bankruptcy plan documents and the fundamental purpose of the trust did not establish that creditors were entitled to judgment-rate interest.

Ziino v. Baker, No. 09-15065, concerned an action seeking to levy against assets held in trust for a bankrupt party in an action based on a prior bankruptcy court order.  The court affirmed summary judgment for defendant, on the grounds that 1) the bankruptcy court's order contained no clear designation of plaintiff's entitlement, especially in view of his significant recovery from the bankruptcy estate after the order issued; and 2) plaintiff's privately negotiated agreement with defendant did not qualify as an enforceable judgment for child support.

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