Legal Opinion

In Re California Webbing Industries, Inc.

United States Bankruptcy Court, D. Rhode Island

Decided July 5, 2007No. 00-11116PublishedCited by 1 opinion

1Opinion of the Court

DECISION DETERMINING NO CARVE OUT, AND ORDER DENYING FEE APPLICATIONS AS MOOT

ARTHUR N. VOTOLATO, Bankruptcy Judge.

This dispute illustrates the hazards to Chapter 11 professionals who are blindsided when a reorganization case that, by all accounts, appears destined for success, unexpectedly becomes an administratively insolvent Chapter 7 case. The high expectations that once prevailed here faded rapidly when a proposed sale of the then Chapter 11 Debtor’s assets didn’t happen, leaving the professionals unpaid and arguing with the secured creditor, CIT Group/Commercial Services, Inc. (“CIT”),…

2Cases cited12 opinions

In the Matter of Trim-X, Inc., Debtor. Appeal of Maurice Levine, Trustee in BankruptcyCourt of Appeals for the Seventh Circuit · 1983
United States v. HarkSupreme Court of the United States · 1944
In Re Spm Manufacturing CorporationCourt of Appeals for the First Circuit · 1993
In Re Flagstaff Foodservice CorporationCourt of Appeals for the Second Circuit · 1984
In Re Chicago Lutheran Hospital Ass'nUnited States Bankruptcy Court, N.D. Illinois · 1988

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3Cited by1 opinion

In re MRI Beltline Industrial, L.P.United States Bankruptcy Court, N.D. Texas · 2012