Dennis Hecker v. Randall Seaver

LOKEN, Circuit Judge.

In September 2005, GELCO Corporation (“GELCO”) entered into a sales-commission agreement (“SCA”) with Dennis Hecker and two of Hecker’s companies whereby GELCO acquired vehicle fleet-leasing assets in exchange for $20 million plus a series of deferred, formula-based incentive payments. Hecker petitioned for protection under Chapter 7 of the Bankruptcy Code in June 2009, listing the SCA as non-exempt personal property with an estimated value of $6 million. He did not claim that payments owed under the SCA were exempt property on Schedule C of the petition. Hecker twice…