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Legal Opinion

In Re RCM Global Long Term Capital Appreciation Fund, Ltd.

United States Bankruptcy Court, S.D. New York

Decided September 18, 1996No. 15-23392PublishedCited by 43 opinions

1Opinion of the Court

MEMORANDUM OPINION ON DAIWA’S MOTION TO DISMISS

TINA L. BROZMAN, Chief Judge:

This motion to dismiss a chapter 11 case as a bad faith filing presents a bizarre twist on the more typical scenarios giving life to such requests for relief. Daiwa America Corporation (“Daiwa”), acting as a broker for RCM Global Long Term Capital Appreciation Fund, Ltd. (the “Debtor”), a foreign mutual fund, set off the Debtor’s entire capital on account of the indebtedness, not of the Debt- or, but of the Debtor’s affiliate. This aggressive action immediately prevented the Debtor from engaging in any trades. Adding…

2Cases cited37 opinions

  1. Albany Partners, Ltd. v. Westbrook (In Re Albany Partners, Ltd.)Court of Appeals for the Eleventh Circuit · 1984
  2. In the Matter of Little Creek Development Company, Debtor. Little Creek Development Co. v. Commonwealth Mortgage Corp.Court of Appeals for the Fifth Circuit · 1986
  3. In Re Sonnax Industries, Inc., Debtor. Sonnax Industries, Inc. v. Tri Component Products Corp.Court of Appeals for the Second Circuit · 1990
  4. Moore v. BaySupreme Court of the United States · 1931
  5. Carolin Corporation v. Robert J. Miller, Jr.Court of Appeals for the Fourth Circuit · 1989

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3Cited by43 opinions

  1. Picard v. Cohmad Securities Corp. (In Re Bernard L. Madoff Investment Securities LLC)United States Bankruptcy Court, S.D. New York · 2011
  2. Picard Ex Rel. Liquidation of Bernard L. Madoff Investment Securities LLC v. Madoff (In Re Bernard L. Madoff Investment Securities LLC)United States Bankruptcy Court, S.D. New York · 2011
  3. 45 John Lofts, LLC v. Meridian Capital Grp. LLC (In re 45 John Lofts, LLC)United States Bankruptcy Court, S.D. New York · 2019
  4. Picard Ex Rel. Bernard L. Madoff Investment Securities LLC v. Estate of Chais (In Re Bernard L. Madoff Investment Securities LLC)United States Bankruptcy Court, S.D. New York · 2011
  5. Official Committee of Asbestos of G-I Holding, Inc. v. HeymanDistrict Court, S.D. New York · 2002

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