Bankruptcy_Picker2005.docVIP

TRUSTEE or DIP? 2 BUTNER PRINCIPLE 2 § 105(a) COURT EQUITABLE POWER 2 CASE MANAGEMENT 2 Initiation 2 Substantive Consolidation 3 Conversion From One Chapter To Another 4 Dismissal 4 PROPERTY OF ESTATE 5 Abandonment 5 Including Property 5 AUTOMATIC STAY PRE-PETITION CLAIMS 6 Automatic Stay 6 Allowance of Pre-Petition Claims 8 Subordination of Claims 10 Secured Claims 10 Valuation of Collateral 12 TRUSTEE’S AVOIDING POWERS - GATHERING PROPERTY 12 Hypothetical Lien Creditor 12 Bona Fide Real Estate Purchaser 13 Fraudulent Conveyance 14 Trustee as an Actual Unsecured Creditor 15 Preferences if transfer on account of antecedent debt 16 OPERATING THE DEBTOR 18 Relief From Stay 18 Adequate Protection 19 Administrative Expenses 20 Executory Contracts Unexpired Leases 21 Critical Vendor Orders, Paying Pre-Petition Claims ASAP 23 Borrowing Money by Debtor in Possession 24 Abandonment of Property 25 Sale or Lease of Assets 25 Use of Assets 26 CHAPTER 7 LIQUIDATION 26 Disposition Of The Case 26 Distribution of Assets 27 Discharge Denial 29 CH 11 REORGANIZATION 30 Appropriate and Proper? 30 Denial of Discharge 30 Reorganization Plan Process 31 Classification of Claims and Interests 33 Disclosure Statement and Solicitation 33 Voting, Acceptance, and Claims Trading In A Particular Class 35 Plan Confirmation, Cramdown, Absolute Priority Rule 35 INTEREST RATE FOR PRESENT VALUE (PV) CALCULATIONS 38 INDIVIDUAL DEBTORS 39 TRUSTEE or DIP? BUTNER PRINCIPLE Bankruptcy law honors nonbankruptcy laws/rights unless bankruptcy provision or policies require a different rule. Determination of property rights in the assets of a bankrupt’s estate is left to state law. Classification of state’s interest depends on state law (Butner), such as whether it’s a lien on property itself, perfected SI, or an unsecured claim. (O’Connor, J., concurring) § 105(a) COURT EQUITABLE POWER Trustee or Debtor can ask the court to issue an injunction under 105 to restrain an action not covered by automa