Type: Amicus
Date: April 10, 2020
Description: Whether section 1129(b)(2)(B)(ii) requires debtors to offer new value for exempt property.
Result: Pending.
In re Woodward, No. 15-6001 (B.A.P. 8th Cir.)
Type: Amicus
Date: May 12, 2015
Description: Whether absolute priority rule applies to individuals in chapter 11
Result: Judgment reversed and remanded, August 13, 2015
Absolute Priority Rule Found to Apply to Individual Debtor
The Tenth Circuit joined the Fourth Circuit in finding that BAPCPA did not abrogate the absolute priority rule with respect to individual debtors in chapter 11 bankruptcy. In re Stephens, No. 11-6309 (10th Cir. Jan. 15, 2013) (agreeing with In re Maharaj, 681 F.3d 558 (4th Cir. 2012)). [Read more…] about Absolute Priority Rule Found to Apply to Individual Debtor
In re Stephens, No. 11-6309 (10th Cir.)
Type: Amicus
Date: May 21, 2012
Description: Whether absolute priority rule applies to individual debtors in chapter 11.
Result: Judgment reversed and remanded, January 15, 2013
Stephens 10th Cir NACBA amicus
NACBA files Amicus in Absolute Priority Rule Case
NACBA has filed an amicus brief in the case of In re Maharaj, No. 11-1747 (4th Cir.) challenging the application of the absolute priority rule to individual debtors in chapter 11.
Brief
In re Maharaj, No. 11-1747 (4th Cir.)
Type: Amicus
Date: November 21, 2011
Description: Applicability of absolute priority rule to individual debtor in chapter 11.
Result: Judgment affirmed (June 14, 2012)
In re Stephens, No. 11-29 (B.A.P. 10th Cir.)
Type: Amicus
Date: August 22, 2011
Description: Application of absolute priority rule to individual chapter 11 debtors.
Result: Certified for direct appeal to Tenth Circuit, October 7, 2011
In re Friedman, No. 11-1149 (B.A.P. 9th Cir.)
Type: Amicus
Date: June 21, 2011
Description: Application of absolute priority rule in individual chapter 11 case.
Result: Reversed and remanded, March 19, 2012
NCBRC Files Amicus on Absolute Priority Rule in Chapter 11
NCBRC’s Tara Twomey has filed an amicus brief on behalf of NACBA in the case of In re Friedman, No. 11-1149 (9th Cir. BAP) arguing that the absolute priority rule in chapter 11 does not apply to individual debtors. NCBRC’s brief argues that when Congress enacted the 2005 amendments it made significant amendments to chapter 11 in order to steer debtors toward reorganization rather than liquidation. Application of the absolute priority rule would have the contrary effect. This case presents one of the first opportunities for an appellate court to address whether the 2005 amendments to the Code abrogate the absolute priority rule for individuals. Other cases addressing this issue that are currently in the courts include: In re Maharaj, No. 11-217 (4th Cir.); In re Kamell, No. 11-1246 (9th Cir. BAP); In re Stephens, No. 11-29 (10th Cir. BAP); and In re Cobb, No. 09-25620 (Bankr. C.D. Cal.). Click here for the brief.