HOT DOCS

In re Fairfield Sentry Ltd. (Bankr. S.D.N.Y.)

OPINION – Fairfield Sentry was created to allow mainly non-U.S. persons to invest with Bernard Madoff. A Chapter 15 foreign representative sold his Madoff SIPA claim, then found out it was worth more than he expected and tried to undo the sale. But court found no basis for disapproving the sale. The application to disapprove the sale was denied.

In re Hecker (8th Cir.)

OPINION – Debtor Hecker was owed money under a sales contract. That contract became property of the estate. The trustee and the other party to the contract arrived at a settlement, but Hecker objected, claiming that some of the payment under the contract was exempt property. The exemption claim came too late, and it was proper for the bankruptcy court to deny it.

In re Newcomb (Bankr. M.D. Fla.)

OPINION – A married debtor who filed individually for bankruptcy protection claimed a joint tax refund as an exempt joint tenancy by the entirety. The trustee objected, but the court ruled that Florida law provides a rebuttable presumption that a joint tax refund is owned as a tenancy by the entirety. The trustee failed to rebut the presumption, so the exemption was allowed.