Undersecured Creditors Dilemma Defining the ：undersecured债权人的困境界定.pptVIP

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Undersecured Creditors Dilemma Defining the ：undersecured债权人的困境界定.ppt

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Undersecured Creditors Dilemma Defining the ：undersecured债权人的困境界定

“For Cause” The holder of an allowed claim secured by a lien on property being sold may bid unless the court orders otherwise. The right of the holder to “offset such claim against the purchase price of such property” is not expressly tied to the “for cause” limitation. Does this mean that the Court may order that the creditor cannot bid or that it cannot “credit bid”? “Allowed Claim” To be “offset” against the purchase price, there must be a mutual debt owing to the bidder. If the claim is not “allowed”, mutuality is destroyed. 502(a): “a claim or interest, proof of which is filed under section 501 of this title is deemed allowed, unless a party in interest . . . objects”. 502(b): “. . . if such objection to a claim is made, the court, after notice and a hearing, shall determine the amount of such claim . . . and shall allow such claim in such amount, except . . . .” Poof! “A lien is parasitic on a claim. If the claim disappears --- poof! the lien is gone.” Unisys Finance Corp. v. Resolution Trust Corp., 979 F.2d 609 (7th Cir. 1992). Similarly, if the lien securing the claim or the claim itself is subject to an objection, the procedural right of offset under 363(k) is lost until the objection is resolved See In re L.L. Murphrey Co., 2013 Bankr. LEXIS 2318 (Bankr E.D. N.C. June 6, 2013). Creditors intending to “credit bid” will want an expedited determination of the allowed claim or eliminate the “for cause” element as part of a cash collateral or financing order. See In re Radnor Holdings Corp., 353 B.R. 820 (Bankr. D. Del. 2006) (hearing held on extent and validity of secured claim prior to credit bid at auction). Objection to Allowance Vs. Counterclaim What if the secured creditor is subject to state law counterclaims? In re Charles Street African Methodist Episcopal Church of Boston, No. 12-12292-FJB (Bankr. D. Mass. May 14, 2014): Debt and liens not subject to bona fide dispute; Objector did not assert that claims were not “allowed” under 363(k)