On June 22, 2016, Judge Laurie Selber Silverstein of the Delaware Bankruptcy Court ruled on a motion to for class certification in the PacSun bankruptcy, Case No. 16-10882. In 2011,
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The Honorable Laurie S. Silverstein
Diamondhead Casino Bankruptcy – Motion to Dismiss Involuntary Petition – Granted
On June 7, 2016, Judge Laurie Selber Silverstein of the Delaware Bankruptcy Court ruled on a motion to dismiss Diamondhead’s involuntary bankruptcy petition. The Creditors who filed the bankruptcy admitted to the Court that their intent in filing for bankruptcy was to remove management and to obtain a recovery for their equity investments. The “Opinion” is available here. This is the second recent opinion issued in this case. The prior opinion was discussed in this blog post: Diamondhead Casino Bankruptcy – and the Challenge to Trustee Appointments.
While the parties involved in Diamondhead’s bankruptcy proceeding agreed to have the Court address the motion to appoint a trustee prior to addressing the Debtor’s motion to dismiss the involuntary petition, claiming it was filed in bad faith and that there is a bona fide dispute as to the debt held by the petitioning creditors. Opinion at *2.
As became clear at trial, “the petitioning creditors’ primary purpose in filing this case was to effect a change in management, and their secondary purpose was to collect a debt. On the facts of this case, neither of these goals serves a proper bankruptcy purpose.” Opinion at *1.Continue Reading Diamondhead Casino Bankruptcy – Motion to Dismiss Involuntary Petition – Granted
Millennium Lab Holdings a/k/a RxAnte files a Prepack in Chapter 11
On November 10, 2015, Millennium Lab Holdings and 2 affiliates filed for relief under chapter 11 of the Bankruptcy Code. The cases are jointly administered under Case Number 15-12284 and…
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Diamondhead Casino Bankruptcy – and the Challenge to Trustee Appointments
On November 13, 2015, Judge Laurie Selber Silverstein of the Delaware Bankruptcy Court ruled on an emergency motion to appoint a trustee. Unfortunately for the movants, it is hard to…
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In re: Hipcricket Inc. Provides a Lesson on the Importance of Defined Terms
On September 29, 2015, Judge Laurie Selber Silverstein of the Delaware Bankruptcy Court ruled on the objection of a distribution trustee to payment of the bankruptcy debtor’s investment banker. This…
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Judge Silverstein’s First Published Opinion – Scarborough-St. James Corporation
On August 18, 2015, Judge Laurie Selber Silverstein of the Delaware Bankruptcy Court issued her first written opinion in the bankruptcy case Scarborough-St. James Corporation. In her 17 page opinion,…
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