Ogle v. Fidelity & Deposit Company of Maryland
The fact that sovereign immunity has been abrogated does not necessarily mean that the Court has jurisdiction to grant the requested relief, however. United States Bankruptcy Court, S. That is, a determination made while devising a reorganization plan is not binding pertaining to tax issues that arise after the plan is confirmed and consummated. No Case or Topic can be added.
IN RE AGWAY INC. (Bankr.N.D.N.Y. )
The principal purpose of this Trust Agreement is to aid in the implementation of the Plan and therefore this Trust Agreement incorporates the provisions of the Plan. Under the Liquidating Plan, the entire bankruptcy estate was to be liquidated through the Liquidating Trust, and, upon complete liquidation of the estate the Liquidating Trust would be dissolved. Liquidation orders do not magically change the nature of debts and obligations in the ordinary case. United States Bankruptcy Court, D.
Agway Liquidating Trust in Syracuse NY
The Retirement Plan was not terminated and apparently remains an ongoing plan. Additionally, the tax issue arose during administration of the Liquidating Plan, fulfilling the actual controversy requirement of the Declaratory Judgment Act. The Bankrupcy Court retained jurisdiction over this post-confirmation matter pursuant to the Liquidating Plan.
Hence, it involves the tax effects of a transaction that occurred after confirmation of Agway's plan. Before Agway filed for Ch. In re Agway General Agency, Inc. The Liquidating Plan provided for establishment of the Liquidating Trust, and all of the bankruptcy estate's assets were transferred to the Liquidating Trust.
The Liquidating Trustee shall also file or cause to be filed any other statements, returns, or disclosures relating to the Liquidating Trust that are required to be filed by any governmental unit. It is again notable that the tax issue in Allis-Chalmers arose not only post-confirmation, but post-consummation. United States Bankruptcy Court, N.
IN RE AGWAY INC. (N.D.N.Y. )
In addition, the Liquidating Plan provided that the Bankruptcy Court retained jurisdiction as to all matters until the cases were closed, including Bankr. Trustee may petition any Bankruptcy Court of competent jurisdiction for the appointment of a successor Liquidating Trustee, on notice to the U. The Liquidating Trustee will be entitled to reasonable compensation for the performance of his duties, and may be compensated on a nunc pro tunc basis, prior to the Effective Date.
Thus, the proper method for determining whether the bankruptcy court has retained post-confirmation jurisdiction is to review the terms of the confirmed plan. The plan provided that certain assets, rights and powers were transferred to a liquidating trust. In re Manville Forest Prods.
The fact that Reliance has been declared insolvent and placed into liquidation by the Commonwealth Court of Pennsylvania does not change the nature of this claim determination motion. Publications Publications Law. Manville Forest Products Corp. Trustee and the acceptance by such successor of such appointment, which appointment shall be approved by the Court.
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- Attorney, of counsel, for Appellee.
- Unless expressly provided herein, the Liquidating Trustee may establish a record date which he deems practicable for determining the holders for a particular purpose.
In fact, american here the Bankruptcy Court ordered amendment of the confirmed plan so that the Retirement Plan transaction could take place. See American Centennial Ins. Such language indicates that the drafters of Pennsylvania's Insurance Law clearly anticipated instances in which other courts would have jurisdiction in matters concerning an insolvent insurer.
Menter Rudin Trivelpiece, P. In re Sunbrite Cleaners, Inc. In reviewing a bankruptcy court's decision, dating a 7 foot tall a district court applies the clearly erroneous standard to conclusions of fact and de novo review to conclusions of law.
The Liquidating Plan further provided for appointment of a liquidating trustee who would oversee liquidation of the Liquidating Trust assets and distribution to creditors pursuant to its terms. The completed transaction caused the Liquidating Trust to actually incur a tax liability, whether it was zero or some other amount. In accordance with the Plan, all holders of beneficial interests in the Liquidating Trust shall report, for tax purposes, consistent with the foregoing. Council of New Orleans, U.
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Judgment Visual Similar Judgments. In re Manville Forest Products Corp. Accordingly, de novo review will be undertaken. In so doing, the Liquidating Trustee will exercise his reasonable business judgment in liquidating the Liquidating Trust Assets and Claims. Supreme Court has been steadily revolutionizing civil procedure.
The appeal was taken on submission without oral argument. Thoman, of counsel, for Appellant. Further, the Liquidating Plan provided that the Bankruptcy Court would retain jurisdiction over all matters arising from or relating to the bankruptcy cases.
Ogle v. Fidelity & Deposit Company of Maryland
Such appointment shall specify the date on which such appointment shall be effective. Thus, the relief sought was not only post-confirmation, but it was also post-emergent from the bankruptcy. Click to upgrade Your Package to have this feature. Section of the Code clearly encompasses determination of tax consequences actually incurred.
Menter, Rudin Trivelpiece, P. The Commonwealth Court also appointed Ms. Such removal shall become effective on the date the action is taken by the U.
The Court is without authority to render an advisory opinion on a potential controversy. Please support our work with a donation. There is no present intention to terminate the Thrift Plan prior to the settlement or resolution of the Thrift Plan Litigation.
Recognising exceptional achievement from within Africa s legal community while the legal sector is going through rapid change. In Penn General Casualty Co. In re Brubaker Agronomic Consulting.
Such a ruling would establish a precedent for a former debtor to return to bankruptcy court to have any and all of its future tax consequences determined. Koken has urged the Burford abstention argument, unsuccessfully, speed dating more than once before. This argument is untenable on its face.
Cologne Reinsurance Barbados Ltd. You have reach your max limit. At issue in this case is determination of the tax liability of a confirmed plan, not a proposed plan. Sovereign Immunity In matters involving the United States, dating the issue of sovereign immunity is critical. Court of Appeals for the Second Circuit.
AGWAY INC - Current report filing (8-K) EXHIBIT 99
- See In re Johns-Manville Corp.
- The fact that the Capstone transaction was approved by the Court by means of the post-confirmation modification of Agway's Plan, does not confer subject matter jurisdiction on the Court.
- The tax liability at issue certainly was a matter arising from or relating to the bankruptcy cases.