Chapter 11 Plan Confirmation denied as neither fair nor equitable and for failure to comply with the "absolute priority rule" of 11 U.S.C. section 1129(b). Debtor's principle sought to retain 100% of his stock in the Debtor and retain a $150,000 salary per year. The shareholder's legally unenforceable "commitment" to cover operating losses for the first year after the confirmation of the plan did not satisfy the absolute priority rule under a plan which proposed to pay only $17,441 to non-insider unsecured creditors over four years when they were owed $600,000.
You are here
Opinions
Effective January 1, 2017, Orders in the United States Bankruptcy Court for the Northern District of Georgia designated by the Court as "opinions" will be transmitted to the Government Publishing Office (GPO) and made available to the public at no cost. To view these opinions, click HERE to be transferred to GPO site.
Orders designated as Opinions and issued between January 1, 2004 and December 31, 2016 are maintained on this website. Many of these Opinions are not intended for publication and are so designated. Each entry includes the style of the matter, the case number, the date entered on the docket, and a short parenthetical expression of the issue(s) raised. The most recent opinions appear first.
You can narrow your search by judge and/or year below. You can also use the search feature above to search by name, word, or phrase. The single opinions are in PDF text format and may be searched for word, phrase, or date by using “Control F,” the Windows search function available in any Windows application.
Honorable James R. Sacca
Collateral estoppel does not bar litigation of the issue of whether Debtors caused "willful and malicious injury" under section 523(a)(6) when a state court previously determined that Debtors were liable for “willful misconduct, malice, fraud, wantonness, oppression, or that entire want of care which would raise the presumption of conscious indifference to consequences” under O.C.G.A. Section 51-12-5.1(b) without making any additional findings. Motion for summary judgment denied.