Richer v. Morehead

POSNER, Circuit Judge.

This appeal presents a question of contract interpretation. The Richers, a married couple, filed for bankruptcy. More-head, who had invested in commercial real estate owned by a trust controlled by Mr. Richer, filed an unsecured claim for $945,000 in the bankruptcy proceeding. The Richers filed an adversary action claiming that Morehead’s only lawful interest in the property was to receive a share of the net proceeds of the property if and when it was sold, which hadn’t happened. The bankruptcy judge disagreed with the Richers, upheld Morehead’s claim, and was *489affirmed…