In re Tucker, Case No. 10-67281-fra11 (October 11, 2012)Absolute priority rule, individual chapter 11 debtors, fair and equitable standard, good faith, In re Friedman, 11 USC §1129(b) Absolute priority rule, individual chapter 11 debtors, fair and equitable standard, good faith, In re Friedman, 11 USC §1129(b)
Chapter 11 debtors’ original plan did not satisfy the absolute priority rule and the court denied confirmation. Debtors filed an amended plan that did satisfy the rule but before an order confirming it could be entered, the 9th Circuit BAP held in In re Friedman, 466 BR 471, that the absolute priority rule does not apply to individual chapter 11 debtors. An unsecured creditor objected to debtors’ second amended plan (which was similar to their original plan) and argued that the BAP opinion was not binding. The bankruptcy court ruled to the contrary, and further found that the new plan satisfied the “fair and equitable” requirement. It rejected the creditor’s objection that the plan was not proposed in good faith, and confirmed the plan. Click here to view all Opinions. Click here to return to the home page.
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