American Wagering, Inc. v. Racusin (In Re American Wagering, Inc.)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
BUFFORD, Bankruptcy Judge.
The issue in this appeal is whether the claim of a consultant to the debtors, who contracted to receive most of his compensation in equity instead of cash, is properly subject to § 510(b) 2 subordination where the equity portion of the claim was reduced to a money judgment on the eve of bankruptcy. The bankruptcy court found that the claim was not subject to subordination. WE REVERSE.
I. RELEVANT FACTS
Debtor Leroy’s Horse & Sports Place (“Leroy’s”) hired appellant Racusin in 1994 as a financial advisor in connection with an initial public offering (“IPO”) of…
2Cases cited14 opinions
- United States v. Ron Pair Enterprises, Inc.Supreme Court of the United States · 1989
- Brown v. FelsenSupreme Court of the United States · 1979
- In Re Telegroup, Inc. Baroda Hill Investments, Ltd. Leheron Corporation, Ltd. Kimble John Winter v. Telegroup, IncCourt of Appeals for the Third Circuit · 2002
- Archer v. WarnerSupreme Court of the United States · 2003
- In Re Granite Partners, L.P.United States Bankruptcy Court, S.D. New York · 1997
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3Cited by6 opinions
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- Racusin v. American Wagering, Inc. (In Re American Wagering, Inc.)Court of Appeals for the Ninth Circuit · 2006
- Liquidating Trust of U.S. Wireless Corp. v. Wax (In Re U.S. Wireless Corp.)United States Bankruptcy Court, D. Delaware · 2008
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