Bankruptcy court ordered DaBoyz rent be turned over to AEA, aea, rent, bankruptcy
All rent payments made by DaBoyz Italian Cuisine have been credited to AEA Federal Credit Union as part of the Top of the Kress bankruptcy, but it took a court order. The Yuma Sun recently obtained a copy of a court order filed April 7 in U.S. Bankruptcy Court, District of Arizona, in which Judge James Marlar ordered that “AEA has an allowed administrative-expense priority claim for all rent that the debtor has received for the property post-petition.” The judge also ordered that Desert Best Enterprises LLC, “shall provide AEA Federal Credit with an accounting of all rent received since the debtor’s bankruptcy petition for the property at 284 S. Main St., Yuma, Arizona, within 14 days following the entry of this order.” Marlar’s order was issued pursuant to AEA’s motion to prohibit the debtor’s use of cash collateral and for an accounting of the rent paid from the summer of 2010, when Desert Best Enterprises filed Chapter 11, until March of this year. Desert Best Enterprises was formed by Frank Ruiz to purchase and renovate the historic Kress building and operate Top of the Kress, a nightclub on the upper floors. DaBoyz rents the ground floor. AEA was the lender for an estimated $10 million in loans for the property. Desert Best Enterprises filed for bankruptcy on July 1, 2010. The rent paid by DaBoyz is part of the collateral held by AEA, and under the bankruptcy code can’t be used by the debtor without permission. The issue about the rental payments came to light last week when Christine Dawson, owner of DaBoyz, and her husband told local media they had heard that the rent paid by DaBoyz may not have been going to AEA. Robert M. Cook, the attorney representing Ruiz and Desert Best Enterprises, said such reports were “utterly false.” An email from his office lists seven rent checks in the amount of $11,340 each that were made from March 30 through Sept. 22 of this year to AEA from Desert Best Enterprises through Cook’s office. In late November, Marlar issued an order dismissing the bankruptcy petition for lack of a viable plan of reorganization. With the property no longer under bankruptcy protection, AEA is moving forward to take possession of the Kress and begin seeking a buyer. Joyce Lobeck can be reached at jlobeck@yumasun.com or 539-6853. Find her on Facebook at Facebook.com/jlobeck or on Twitter at @YSJoyceLobeck.
Source: yumasun.com
Video: Discussion on Chapter 7 Discharge
Bankruptcy Reorganization Chapter
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Source: chapter11blog.com
ARIZONA SUPREME COURT SIDES WITH LENDERS ON KEY TRUSTEE SALE ISSUE
issue, the Court focused on Arizona’s trustee sale process and the statutes that govern how a trustee’s sale is conducted. Finding no authority in Arizona statutes for the idea that an assignment of a Deed of Trust must be recorded in the County Recorder’s office to provide evidence that the foreclosing beneficiary is the current holder of the beneficial interest of the Deed of Trust being foreclosed, the Court refused to impose such a requirement as a condition to a trustee’s sale. The Court was mindful to articulate the reasons why an assignment of a Deed of Trust would be appropriate, but explained that such an assignment is discretionary and only impacts the rights of the parties to the assignment and potentially a third party that would buy an interest in the trust property without knowledge of the assignment. However, as between the owner and the lender, the Court found that an assignment is not necessary and cannot be used by an owner to stop a trustee from carrying out the authority granted to it in the Deed of Trust.
Source: marcmccain.com
Parties Debate Rights to Bankruptcy Estate Assets before US Supreme Court
Arguing for the United States, Assistant Solicitor General Pratik A. Shah contended that the tax liability at issue in the case is not subject to 11 U.S. Code Section 1222(a)(2) and cannot be treated as a dischargeable nonpriority debt. Specifically, he maintained, a Chapter 12 plan is limited to prepetition debts and does not cover post-petition debts, including administrative expenses.
Source: lexisnexis.com
5 Key Benefits of Chapter 7 Bankruptcy in San Diego
Joe Volin is an experienced Arizona bankruptcy attorney who has practiced law since 1982. After moving from the Chicago area, Joe set up in a law practice in Mesa Arizona in 1986. He has been practicing bankruptcy law in the East Valley since. Joe has a reputation for being a tough trial lawyer. He has tried over 200 cases to conclusion in front of Arizona juries, judges and arbitrators. Joe is never afraid of taking a case to trial or appeal. When you want a lawyer that is not going to be afraid of fighting for you and will make sure that your rights are protected, you need someone who knows the Courtroom and not someone who has never been there. Joe is licensed to practice law in all Arizona state courts, the Arizona Federal District Court, the Arizona District of the United States Bankruptcy Court, the United States Tax Court, and the Bankruptcy Appellate Panel for the Ninth Circuit Court of Appeals. Source: arizonadebtrelief.com
Source: filebankruptcyco.com
Arizona Supreme Court No. CV–11–0091–CQ
SOUTHERN ARIZONA LEGAL AID, INC. Tucson By Beverly B. Parker Anthony L. Young Attorneys for Julia V. VasquezGREENBERG TRAURIG LLP Phoenix By Robert A. Mandel Gil Rudolph E. Jeffrey Walsh Julie Barton Attorneys for Saxon Mortgage, Inc., Saxon Mortgage Services Inc. and Deutsche Bank National Trust Company as Trustee for Saxon Asset Securities Trust 2005–3LORI ANGUS WILSON, ESQ. Tucson By Lori Angus Wilson And VINCE RABAGO, ESQ. Tucson By Vincent L. Rabago Attorneys for Amici Curiae Southwest Fair Housing Council, The National Association of Consumer Bankruptcy Attorneys, and The National Consumer Law CenterGORDON SILVER Phoenix By Ronald E. Warnicke And JOHNSON, FINDSEN & KINNEY PLLC Scottsdale By Beth K. Findsen Attorneys for Amici Curiae Karl Stauffer, Fabiana Stauffer, Mariusz Buchna, and Julita BuchnaKOELLER NEBEKER CARLSON & HALUCK, LLP Phoenix By William A. Nebeker Valerie R. Edwards Attorneys for Amicus Curiae Arizona Multi–District LitigationTHOMAS C. HORNE, ARIZONA ATTORNEY GENERAL Phoenix By Carolyn R. Matthews, Assistant Attorney General Dena R. Epstein, Assistant Attorney General Donnelly A. Dybus, Assistant Attorney General Attorneys for Amicus Curiae State of ArizonaQUARLES & BRADY LLP Phoenix By C. Bradley Vynalek Brian A. Howie Michael S. Catlett Susan G. Boswell Attorneys for Amici Curiae Arizona Bankers Association and The Greater Phoenix Chamber of CommerceMCCARTHY HOLTHUS LEVINE Scottsdale By Paul M. Levine Attorney for Amicus Curiae United Trustees AssociationFENNEMORE CRAIG, P.C. Phoenix By Timothy Berg Carrie Pixler Ryerson Theresa Dwyer–Federhar And K & L GATES LLP Charlotte, NC By Phoebe S. Winder Amy Pritchard Williams Robert W. Sparkes, III Attorneys for Amicus Curiae Mortgage Bankers AssociationGUST ROSENFELD P.L.C. Phoenix By Richard A. Segal Kent E. Cammack Scott A. Malm Attorneys for Amicus Curiae Land Title Association of Arizona
Source: findlaw.com
Cheap Bankruptcy: Us Bankruptcy Court Florida
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Source: blogspot.com
Parties Debate Rights To Bankruptcy Estate Assets Before Supreme Court
Arguing for the United States, Assistant Solicitor General Pratik A. Shah contended that the tax liability at issue in the case is not subject to 11 U.S. Code Section 1222(a)(2) and cannot be treated as a dischargeable nonpriority debt. Specifically, he maintained, a Chapter 12 plan is limited to prepetition debts and does not cover post-petition debts, including administrative expenses.
Source: lexisnexis.com