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20-Jan-2020 20:53

Copies of the Plan, Confirmation Order, and Notice of Effective Date are available by clicking the appropriate links on the left.For further information on the Chapter 11 case, please visit the Court’s website at https://uscourts.gov/, where the official docket can be accessed through the Court’s Case Management/Electronic Case Filing (“CM/ECF”) system. In the three challenged orders, the Bankruptcy Court (Martin Glenn, Bankruptcy Judge) denied motions filed by Appellants after Borders—which had earlier filed for protection under Chapter 11—obtained confirmation of its liquidation plan (the “Plan”). In those orders, the Bankruptcy Court found that the Plan was substantially consummated, and (1) denied the motion of Appellants Eric Beeman and Jane Freij for leave to file untimely proofs of claim; (2) rejected and discharged Appellant Robert Traktman's untimely proof of claim; and (3) denied as moot the motion for class certification pursued by all three Appellants, none of whom appeared in the case until after the Plan was confirmed. The Second Circuit affirmed a district court ruling dismissing an appeal because the appellants failed to overcome the presumption of mootness triggered by "substantial consummation" of a liquidating chapter 11 plan. In Charter, the Second Circuit held that once a chapter 11 plan has been substantially consummated, an appeal is presumed to be equitably moot unless the appellant can demonstrate that it has met all five of the criteria delineated in its previous ruling in Chateaugay. Moreover, the court emphasized, having failed to participate in the plan confirmation proceedings or to appeal or seek a stay of the confirmation order, the GC Claimants did not "pursue their claims with all due diligence." Notably, the record reflected that at least one of the GC Claimants consulted counsel regarding his or her claims more than two weeks prior to the confirmation hearing but did not participate in the proceedings.Mootness "Mootness" is a doctrine that precludes a reviewing court from reaching the underlying merits of a controversy. To avoid dismissal on the basis of equitable mootness under Chateaugay, an appellant must demonstrate that: 1. (In re GWI PCS 1 Inc.), 230 F.3d 788, 799–800 (5th Cir. Outlook To the extent that any ambiguity existed in the Second Circuit regarding application of the doctrine of equitable mootness to appeals arising from chapter 11 liquidation proceedings, BGI definitively dispels it.

Oak Point Partners has completed purchases of the remaining known and unknown assets in hundreds of Chapter 11 and Chapter 7 bankruptcy cases.Protecting legitimate expectations of innocent stakeholders and the difficulty of "unscrambling the eggs" following the completion of complex restructuring transactions are issues that a court considers when confronted with any challenge to a plan confirmation order. The appellant pursued with diligence all available remedies to obtain a stay of execution of the objectionable order if the failure to do so creates a situation rendering it inequitable to reverse the orders appealed from. 2008) (de novo standard); Thorpe Insulation, 677 F.3d at 880 (same); Liquidity Solutions, Inc. Gift card redemptions constituted nearly all of Borders' net sales during the last month of the company's operations. Courts sometimes reject such a challenge (if in the form of an appeal of the confirmation order) as equitably moot because it is simply too late or too difficult to undo transactions consummated under the plan. Chateaugay, 10 F.3d at 952–53 (internal quotation marks omitted). Ball Healthcare-Dallas, LLC (In re Lett), 632 F.3d 1216, 1226 (11th Cir. Cont'l Airlines (In re Cont'l Airlines), 203 F.3d 203, 210 (3d Cir. With respect to the standard applied in reviewing a mootness ruling by a district court or bankruptcy appellate panel, however, the circuits have been split between applying a de novo or abuse-of-discretion standard. Borders filed a chapter 11 plan of liquidation in November 2011. Goldstein, on the brief), Krislov & Associates, Ltd., Chicago, IL, and Jay Teitelbaum, Teitelbaum & Baskin, LLP, White Plains, NY, for Appellants. In these appeals that were consolidated for argument, holders of unredeemed consumer gift cards issued by the former book retailer BGI Inc., f/k/a Borders Group, Inc. Behlmann, on the brief), Lowenstein Sandler LLP, Roseland, NJ, for Appellees. Concluding further that Appellants had failed to overcome that presumption, the District Court dismissed the appeals.

Oak Point Partners has completed purchases of the remaining known and unknown assets in hundreds of Chapter 11 and Chapter 7 bankruptcy cases.

Protecting legitimate expectations of innocent stakeholders and the difficulty of "unscrambling the eggs" following the completion of complex restructuring transactions are issues that a court considers when confronted with any challenge to a plan confirmation order. The appellant pursued with diligence all available remedies to obtain a stay of execution of the objectionable order if the failure to do so creates a situation rendering it inequitable to reverse the orders appealed from. 2008) (de novo standard); Thorpe Insulation, 677 F.3d at 880 (same); Liquidity Solutions, Inc. Gift card redemptions constituted nearly all of Borders' net sales during the last month of the company's operations.

Courts sometimes reject such a challenge (if in the form of an appeal of the confirmation order) as equitably moot because it is simply too late or too difficult to undo transactions consummated under the plan. Chateaugay, 10 F.3d at 952–53 (internal quotation marks omitted). Ball Healthcare-Dallas, LLC (In re Lett), 632 F.3d 1216, 1226 (11th Cir. Cont'l Airlines (In re Cont'l Airlines), 203 F.3d 203, 210 (3d Cir. With respect to the standard applied in reviewing a mootness ruling by a district court or bankruptcy appellate panel, however, the circuits have been split between applying a de novo or abuse-of-discretion standard. Borders filed a chapter 11 plan of liquidation in November 2011.

Goldstein, on the brief), Krislov & Associates, Ltd., Chicago, IL, and Jay Teitelbaum, Teitelbaum & Baskin, LLP, White Plains, NY, for Appellants. In these appeals that were consolidated for argument, holders of unredeemed consumer gift cards issued by the former book retailer BGI Inc., f/k/a Borders Group, Inc.

Behlmann, on the brief), Lowenstein Sandler LLP, Roseland, NJ, for Appellees. Concluding further that Appellants had failed to overcome that presumption, the District Court dismissed the appeals.

BGI Creditors' Liquidating Trust (In re BGI, Inc.), 772 F.3d 102 (2d Cir. In a matter of first impression, the court ruled that the standards governing equitable mootness in an appeal of an order confirming a chapter 11 plan of reorganization also apply in the context of a chapter 11 liquidation. Parker Interests (In re Grimland, Inc.), 243 F.3d 228 (5th Cir. 2012), but its ruling deepened a split among the circuits with respect to the standard of review and burden of proof to be applied. The Second Circuit explained that the GC Claimants failed to establish that general unsecured creditors, who could be stripped of their recovery if the class were certified, received notice of the appeal.