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Showing 1 post in Confirmation Orders.

Sword of Damocles Trumped By Finality in Confirmation Order

In re East West Resort Development V, L.P., L.L.L.P., No. 10-10452 (BLS), 2014 WL 4537500 (Bankr. D. Del. Sept. 12, 2014)

On April 23, 2013, the Delaware Bankruptcy Court reopened the bankruptcy case of reorganized debtor Northstar Iron Horse, LLC (“Iron Horse”) in order to consider a creditor’s request for a Rule 2004 examination of Iron Horse and two other affiliated reorganized debtors. The request related to the creditor’s attempt to augment the distribution it received on account of its claim pursuant to the confirmed plan by recovering the proceeds of a post-confirmation settlement reached between Iron Horse and its insurance company, ACE American Insurance Company (“ACE”).  In this Opinion, Judge Shannon denied the Rule 2004 motions as futile, finding that the confirmed plan prevented further recovery and that the period to challenge the confirmation order long since expired. Read More ›