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Monday, May 17, 2004
Indiana Decisions - Four from the 7th Circuit Today
In CORPORATE ASSETS INC v. PALOIAN, GUS A. (ND Ill., Bankruptcy), Judge Rovner writes:
At an auction sanctioned by the bankruptcy court, Corporate Assets, Inc. (“CAI”) submitted the high bid for assets belonging to the debtors, but its apparent victory proved short-lived. A higher, “upset” bid tendered to the debtors after the close of the auction convinced the debtors, with the bankruptcy court’s approval, to reopen the bidding. CAI won the second auction with a bid $352,500 higher than its original bid. CAI appealed the bankruptcy court’s decisions to reopen the bidding and to confirm the sale to CAI at the higher price established by the second auction. The district court affirmed. In re GGSI Liquidation, Inc., 280 B.R. 425 (N.D. Ill. 2002). CAI has now appealed to this court, contending that the bankruptcy court abused its discretion in allowing a second auction and in refusing to confirm the results of the first auction. We also affirm.The Court also posted these decisions today: MOORE, ALLAN v. MOTE, STEPHEN (CD Ill., habeas corpus writ denied); MOORE, FRANK v. CONNER, N.L. (ND Ill., criminal procedural issues); WOODWARD, HARRIETT G v. CORRECTIONAL MEDICAL SERVICES (ND Ill., upholds verdict against CMS).
Posted by Marcia Oddi on May 17, 2004 01:13 PM
Posted to Indiana Decisions