SmartBrief
Confirm favorite deletion?
Bankruptcy Keyed to Levitan, 3rd Ed.
In re Free Lance-Star Publishing Co.
Citation:
512 B.R. 798 (2014)Facts
The Free Lance-Star is a family-owned publishing, newspaper, radio, and communications company located in Fredericksburg, Virginia. In 2006, the Debtors borrowed approximately $50.8 million from BB&T to expand their commercial printing business, granting liens on certain real and personal property but not on their Tower Assets used in radio broadcasting operations. After falling out of compliance with loan covenants during the recession, BB&T sold the loan to Sandton Capital Partners in June 2013, which created DSP to hold the loan.
DSP immediately pressured the Debtors to file for bankruptcy and sell their assets to DSP through a § 363 sale. When the Debtors refused to grant DSP additional liens on the Tower Assets, DSP unilaterally filed UCC Fixture Financing Statements in multiple counties without the Debtors’ knowledge. DSP also insisted on a rapid bankruptcy sale timeline, objected to the Debtors’ marketing efforts, and required that marketing materials prominently display DSP’s purported $39 million credit bid right. After the Debtors filed for bankruptcy without DSP’s support, DSP sought additional liens as adequate protection without disclosing its previous unauthorized filings. The Court found that DSP’s conduct had chilled bidding interest in the auction process, with potential bidders viewing the sale to DSP as a foregone conclusion.
Only StudyBuddy Pro offers the complete Case Brief Anatomy*
Access the most important case brief elements for optimal case understanding.
*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
Topic:
Identifies the topic of law and where this case fits within your course outline.Parties:
Identifies the cast of characters involved in the case.Procedural Posture & History:
Shares the case history with how lower courts have ruled on the matter.Case Key Terms, Acts, Doctrines, etc.:
A case specific Legal Term Dictionary.Case Doctrines, Acts, Statutes, Amendments and Treatises:
Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
Brief Facts:
A Synopsis of the Facts of the case.Rule of Law:
Identifies the Legal Principle the Court used in deciding the case.Facts:
What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case.Issue(s):
Lists the Questions of Law that are raised by the Facts of the case.Holding:
Shares the Court's answer to the legal questions raised in the issue.Concurring / Dissenting Opinions:
Includes valuable concurring or dissenting opinions and their key points.Reasoning and Analysis:
Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
Policy:
Identifies the Policy if any that has been established by the case.Court Direction:
Shares where the Court went from here for this case.