Case Roundup a Go Go

1st Circuit

In Re New Seabury Co., LP (06/07/06 - No. 05-1526, 05-1588)

Order of dismissal is remanded with instructions to affirm the original order of the U.S. Bankruptcy Court denying debtor access to disputed funds where the plain language of a stipulation entered into by the parties as part of a reorganization plan does not support a conclusion that the funds were intended to be retained by the debtor.

3rd Circuit

In re: Oakwood Homes Corp. (06/09/06 - No. 05-2032 & 05-2033)

The language used in 11 U.S.C. section 502(b) does not clearly and unambiguously require discounting an interest-bearing obligation to present value in light of the words' plain meanings and the language used elsewhere in the Bankruptcy Code. Interest-bearing debt should not be discounted to present value after unmatured interest has been disallowed pursuant to section 502(b)(2).