#SAMPLE MOTION FOR RECONSIDERATION DOC FULL#

21-25175-BEH, and In re Sellers, Case No. The creditor’s objection as to the interest rate was overruled. Accordingly, the creditor could retain its lien on the entirety of the proceeds during the term of the plan, with the disputed balance held in trust to allow the debtor an opportunity to obtain a discharge and retain the excess proceeds. The interest rate language was not ambiguous. The court found the special provision language ambiguous and construed it against the drafter. The creditor also sought to be paid at the contractual interest rate instead of the lower rate prescribed in the confirmed plan. The creditor objected, arguing that it was entitled to retain the lien on the entirety of the proceeds because they were less than the amount the debtor owed on the claim under applicable nonbankruptcy law. After an accident that totaled her car, the debtor proposed a plan modification to keep the balance of the insurance proceeds that exceeded the remainder of her plan payments on this claim. The creditor did not object to plan confirmation.

Section 3.3 provided that the named car creditor would retain its lien until discharge or the payment of the underlying debt under nonbankruptcy law.

#SAMPLE MOTION FOR RECONSIDERATION DOC FULL#

The Chapter 13 debtor’s special plan provision in section 8.1 providing that secured creditors would retain their liens until the earlier of payment in full of the secured portion of the creditor’s proof of claim or discharge was ambiguous when compared with the model plan language in section 3.3 mirroring lien retention rights in 11 U.S.C. It also rejected the debtor's alternative argument that the equity interests were unenforceable under the doctrine of election of remedies. The debtor argued that the equity holder's request for rescission, settlement, and award of damages for non-performance of the settlement agreement defeated his ability to enforce his equity interests under nonbankruptcy law. The court subordinated the equity holder's claim under §510(b).Īfter the equity holder obtained the $13 million award against the non-debtor entities, the debtor objected to the equity holder's proofs of interest. The equity holder filed proofs of interests in the debtor's case and filed a claim against the debtor for breach of the settlement agreement. The arbitration proceeded against the non-debtor respondents, and the arbitrator awarded the equity holder $13,625,000 in damages against the non-debtors for breaching the settlement agreement. Before the equity holder could enforce the settlement agreement, the debtor filed bankruptcy and then rejected the agreement. The parties did not pay the $14 million or transfer the assets. The debtor and non-debtor entities settled the arbitration with the equity security holder by agreeing to pay him $14 million or, if that payment was not made, transferring $15 million in assets to him. Halfengerīefore the debtor filed its chapter 11 petition, one of its equity security holders commenced an arbitration against the debtor and other non-debtor entities for, among other things, rescission and securities fraud under Wis.

In re Greenpoint Tactical Income Fund LLC, Case No.

Sample motion for reconsideration doc