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Legal Opinion

Noonan v. Fremont Financial (In Re Lappin Electric Co.)

United States Bankruptcy Court, E.D. Wisconsin

Decided February 29, 2000No. 19-21535PublishedCited by 10 opinions

1Opinion of the Court

MEMORANDUM DECISION ON MOTIONS FOR SUMMARY JUDGMENT

M. DEE McGARITY, Bankruptcy Judge.

The chapter 7 trustee filed this adversary proceeding against the debtor’s ov-ersecured lender, Fremont Financial, on the grounds that the early termination fee provided for in the parties’ loan agreement is an unreasonable charge under 11 U.S.C. § 506(b). Both parties have filed motions for summary judgment. The trustee contends that the early termination fee of $225,000 paid by the purchaser of Lappin’s assets to Fremont Financial, is a voidable transfer. Fremont claims that the liquidated damages provision…

2Cases cited16 opinions

  1. 6 Collier bankr.cas.2d 321, Bankr. L. Rep. P 69,005 in Re United Merchants and Manufacturers, Inc., Debtors. United Merchants and Manufacturers, Inc., Debtors-Appellees v. The Equitable Life Assurance Society of the United States and John Hancock Mutual Life Insurance CompanyCourt of Appeals for the Second Circuit · 1982
  2. Lake River Corporation, Plaintiff-Appellee-Cross-Appellant v. Carborundum Company, Defendant-Appellant-Cross-AppelleeCourt of Appeals for the Seventh Circuit · 1985
  3. Connecticut General Life Insurance v. Schaumburg Hotel Owner Ltd. Partnership (In Re Schaumburg Hotel Owner Ltd. Partnership)United States Bankruptcy Court, N.D. Illinois · 1989
  4. Financial Center Associates of East Meadow, L.P. v. TNE Funding Corp. (In Re Financial Center Associates of East Meadow, L.P.)United States Bankruptcy Court, E.D. New York · 1992
  5. In Re American Metals Corp.United States Bankruptcy Court, D. Kansas · 1983

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3Cited by10 opinions

  1. In Re Chemtura Corp.United States Bankruptcy Court, S.D. New York · 2010
  2. In Re AE Hotel VentureUnited States Bankruptcy Court, N.D. Illinois · 2005
  3. In Re Trico Marine Services, Inc.United States Bankruptcy Court, D. Delaware · 2011
  4. Premier Entertainment Biloxi LLC v. U.S. Bank National Ass'n (In Re Premier Entertainment Biloxi LLC)United States Bankruptcy Court, S.D. Mississippi · 2010
  5. Paloian v. LaSalle Bank National Ass'n (In re Doctors Hospital of Hyde Park, Inc.)United States Bankruptcy Court, N.D. Illinois · 2014

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