Legal Opinion
In Re Worldwide Direct, Inc.
United States Bankruptcy Court, D. Delaware
Decided October 4, 2001No. 17-12819PublishedCited by 3 opinions
1Opinion of the Court
OPINION 1
MARY F. WALRATH, Bankruptcy Judge.
This matter is before the Court on the Debtors’ objection to the claim of David Collard (“the Claimant”). The Debtors assert that the claim must be subordinated pursuant to section 510(b) because it is based on the breach of an agreement to issue stock to the Claimant. The Claimant asserts that his claim is not based on the contract to issue stock, but is instead based on a prior agreement to pay him a bonus of approximately $700,000. For the following reasons, we sustain the Debtors’ objection and subordinate the claim pursuant to section 510(b).
I.…
2Cases cited5 opinions
- In Re Granite Partners, L.P.United States Bankruptcy Court, S.D. New York · 1997
- In Re NAL Financial Group, Inc.United States Bankruptcy Court, S.D. Florida. · 1999
- In Re International Wireless Communications Holdings, Inc.United States Bankruptcy Court, D. Delaware · 2001
- Markowitz & Company, Plaintiff-Appellee-Crossappellant v. Toledo Metropolitan Housing Authority, Defendant-Appellant-CrossappelleeCourt of Appeals for the Sixth Circuit · 1979
- BancOhio National Bank v. Abbey Lane Ltd.Ohio Court of Appeals · 1984
3Cited by3 opinions
- In Re Med Diversified, Inc., Debtor. David Rombro v. Michael Dufrayne, Trustee of the Med Diversified, Inc. Creditors' TrustCourt of Appeals for the Second Circuit · 2006
- Ford v. American Express Financial Advisors, Inc.Utah Supreme Court · 2004
- In re Lehman Bros.District Court, S.D. New York · 2014