Dec 30, · Wickes Lumber Co. is consolidating 10 of its outlets and closing another six building centers--moves that the Vernon Hills-based company blamed . June 13, Everything good and bad you need to know about Mazer Steve H Bankruptcy Attorney Albuquerque because we are located at the address 10th Street Northwest New-Mexico and we are listed in the category Bankruptcy and Injury Lawyers and you can contact us via email or phone at () and the county is Bernalillo and Mazer Steve H Bankruptcy Attorney has . David C. Cimo, shareholder and founding partner of Cimo Mazer Mark, concentrates his practice on bankruptcy and insolvency matters in federal and state courts, with a particular emphasis on complex bankruptcy, insolvency, and commercial karacto.xyz represents plaintiffs, including court-appointed fiduciaries, in the prosecution of director and officer liability litigation, legal and.
A hearing on the trustee's motion was held on November 1, Two affidavits were filed by the Trustee without objection by the debtors. Counsel for the parties made statements and discussed the issues with the Bankruptcy Judge. No witnesses testified at the hearing. At the conclusion of the hearing, the Bankruptcy Judge granted the Trustee's Motion to Settle and made detailed findings of fact and conclusions of law. On November 9, , the Edwards timely filed their Notice of Appeal.
The Edwards argue that the Bankruptcy Court abused its discretion in entering the Order of November 1, granting the motion for leave to settle all claims. They contend that the order was based on findings of fact which were not supported by any evidence.
This Court's review of the findings of fact made by the Bankruptcy Court is limited to a determination of whether or not those findings are clearly erroneous. The approval of the compromise of a doubtful claim is within the discretionary power of the Bankruptcy Court and its action may be disturbed only when abuse of discretion clearly appeals.
Matter of Ocobock, F. However, the Bankruptcy Court's decision to approve the settlement must be an informed one based upon an objective evaluation of the facts. Reiss v. Hagmann, F. The state court case is the principal asset in the bankruptcy estate. Approval of a settlement under Bankruptcy Rule involves an analysis of the following factors: a the probability of success in litigation; b the difficulties, if any, to be encountered in the matter of collection; c the complexity of the litigation involved, and the expense, inconvenience and delay necessarily attending it; d the paramount interest of the creditors and a proper deference to their reasonable views in the premises.
Paul Fire and Marine Insurance v. Vaugn, F. Flight Trans. The appellants contend that the Court's findings of fact were wholly unsupported by the evidence and therefore must be clearly erroneous. They argue that no evidence was submitted to the Court at the hearing on Trustee's Motion for Leave to Settle all claims and that the alleged absence of evidence is determinative of this appeal. Appellee does not contradict appellants' statement that no oral testimony was submitted to the Court.
The hearing involved discussion between the parties' attorneys, the Trustee and the Bankruptcy Judge. However, the Court did accept, and file without objection as part of the record, two affidavits which supported the Court's findings of fact. Appellee contends that the affidavits provided sufficient evidence to allow the Court to make its findings of fact. The affidavits submitted to the Court were from Robert M.
Gilbert, the defendant architect in the state suit. Record Vol. The Edwards did not object to the submission of these affidavits and did not submit any evidence in support of statements contained in their Objections to Trustee's Motion for Leave to Settle All Claims. Record Vol II, p. The state estimates its expense of repairing Mr. II, pp. Although Mr. Edwards claims that he performed extensive work for which he was not compensated, he failed to get all "change orders" in writing before proceeding with the work as provided in the contract.
II, p. Gilbert, the architect who had the responsibility of determining whether the contractor's work complied with the contract documents found Mr. Edwards' work inadequate, Record Vol II, p. The Bankruptcy Court found that it would be difficult for Edwards to prevail on his claim for compensation based on work actually done under improperly documented change orders.
The Court also found that the settlement was rationally related to the value of the lawsuit, that it would provide a meaningful distribution to the IRS and that pursuing the state court litigation would be expensive and time consuming. Findings of Fact are not set aside by the District Court unless they are clearly erroneous.
In re Posta, F. After the consolidations and closings, Wickes will have about locations in 24 states. Wickes will take a fourth-quarter charge to pay for these actions and other restructuring that may take place next year, including a possible merger with the company's biggest shareholder, Riverside Group Inc. The locations to be closed are in Columbus and Lafayette, Ind. Following a strong in which it boosted sales by Lower lumber prices forced the company to drop its prices, which squeezed profit margins, he said.
And although the housing-market softening was not severe, it was enough, combined with the lumber prices, to cut into earnings. Though Wickes is a major supplier of building materials, it does not compete in the marketplace with stores such as Home Depot and Kmart Corp.