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The Supreme Court will release orders from the March 22 conference on Monday at 9:30 a.m. There is a possibility of opinions on Tuesday and Wednesday.
On Monday the Supreme Court hears oral argument in PDR Network, LLC v. Carlton & Harris Chiropractic Inc.; Christopher Walker has our preview.
On Monday the Supreme Court also hears oral argument in The Dutra Group v. Batterton; Joel Goldstein has our preview.

RadLAX Gateway Hotel, LLC v. Amalgamated Bank

Docket No. Op. Below Argument Opinion Vote Author Term
11-166 7th Cir. Apr 23, 2012
May 29, 2012 8-0 Scalia OT 2011

Holding: Debtors may not obtain confirmation of a Chapter 11 bankruptcy “cramdown” plan that proposes to sell substantially all of the debtors’ property at an auction, free and clear of the Bank’s lien, using the sale proceeds to repay the Bank, but that does not permit the Bank to credit-bid at the sale.

Plain English Summary: This case considers the procedures that apply when a bankrupt company wants to sell a major asset –in this case, a hotel. The lender that has a mortgage on the asset argues that it has a right to take the asset if it goes unpaid. The borrower argues that the asset should be sold and that the lender gets the asset only if it is willing to pay the most for it. The lender says this is ridiculous, because it requires the lender to put in new cash to buy an asset for which it already has an unpaid loan. The Court agreed with the lender.

Judgment: Affirmed, 8-0, in an opinion by Justice Scalia on May 29, 2012. (Kennedy, J., recused)

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