Redback Networks, Inc. v. Mayan Networks Corp. (In Re Mayan Networks Corp.)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
JONES, Bankruptcy Judge.
Appellant appeals from the bankruptcy court’s order determining that a draw upon a letter of credit given as security for a lease should reduce the amount of Appellant’s allowed claim under 11 U.S.C. § 502(b)(6).2
We AFFIRM.
I. Facts
In January 2000, Mayan Networks Corporation (the “Debtor”) and Redback Networks, Inc. (the “Landlord”) entered into a sublease of a large commercial building. The Debtor delivered to the Landlord two forms of security for the sublease: (1) cash of $351,033 and (2) a $648,966 letter of credit issued by Silicon Valley Bank. The sublease…
2Cases cited11 opinions
- United States v. Ron Pair Enterprises, Inc.Supreme Court of the United States · 1989
- Oldden v. Tonto Realty CorporationCourt of Appeals for the Second Circuit · 1944
- In Re James S. Hamada, Debtor. James S. Hamada v. Far East National Bank, a California CorporationCourt of Appeals for the Ninth Circuit · 2002
- Shook v. CBIC (In Re Shook)United States Bankruptcy Appellate Panel for the Ninth Circuit · 2002
- Andy Marine, Inc., a California Corporation v. Zidell, Inc., an Oregon Corporation v. The Commercial Bank of Korea, Ltd., a Korean CorporationCourt of Appeals for the Ninth Circuit · 1987
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- OHC Liquidation Trust Ex Rel. Alvarez & Marsal, LLC v. Discover Re & United States Fidelity & Guaranty Co. (In Re Oakwood Homes Corp.)United States Bankruptcy Court, D. Delaware · 2006
- AMB Property, L.P. v. Official Creditors for the Estate of AB Liquidating Corp.Court of Appeals for the Ninth Circuit · 2005
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