Posts Tagged plan

Definition of “Partner” in Bankruptcy Reorganization Plan Controls Subordination of Claims, Not Definitions under State Law

By: Jason L. Gould
St. John’s Law Student
American Bankruptcy Institute Law Review Staff

The Seventh Circuit, in In re Altheimer & Gray,[1] held that the meaning of “partner” in a bankruptcy proceeding would be determined in accordance with the terms of the plan of reorganization, not state partnership law.[2] Altheimer & Gray filed for bankruptcy in 2003.[3] According to his contract, Mark Berens was a “Non-Unit Partner,”[4] meaning he possessed no interest in the firm’s profit-share and held no voting power, unlike the “Unit Partners.”[5] Altheimer & Gray’s reorganization plan subordinated the claims of both “Non-Unit Partners” and “Unit Partners” to those of its other creditors.[6] Berens argued that he was not a partner under the statutory definition of Illinois’ Uniform Partnership Act, and therefore, should not have his $300,000 claim subordinated.[7] Without looking to state law, the court relied on 11 U.S.C. § 1141(a), which states, “the provisions of a confirmed plan bind the debtor [and any other such entity under the plan] . . . whether or not the claim . . . is impaired under the plan.”[8]

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Ask a mortgage broker the financial plan

For most Canadians, buying a home is the biggest financial decisions they make in life. But consumers across the country are more likely to scrutinize dozens of investment opportunities for their portfolios than to examine their loan choices. Calculator in the world – like the investment world – can sometimes be misleading. There are a variety of choices – depreciation open, closed, fixed, variable, long or short, prepayment options, portability. . . and, of course, the same level. make the right choice mortgage can have a very economical in the long term. Many Canadians have an investment that can help them order their choices. Now Canadians are also beginning to turn to mortgage brokers to help them make better mortgage decision. Canadians are only now catching up with their counterparts south of the border, where mortgage brokers are already organizing around 70 percent of mortgages in the U.S. Properties. What is a mortgage broker? The role of a mortgage broker is to understand your mortgage needs, seek the best solutions for your situation, and guides you through the loan process. A mortgage broker does not work for any institution or individual provider, but are independent and up-to-the-minute Laner & # xE4; ntan for a wide range of banks and other lenders. There was a time when banks have used the idea of being “taken” their clients, mortgage broker and was perceived as a last resort for home buyers with poor credit history. But times have changed, and home buyers aware of each console that can benefit from the advice of a professional mortgage broker. & # XD, a good investment advisor can make you thousands of dollars. But a good mortgage broker will save you thousands of dollars. If you buy a home or renewing a mortgage, consider making some mortgage broker’s financial plan, l.

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