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Commercial Law Keyed to Whaley
In re Wild West World, L.L.C., Debtor
Citation:
2008 WL 4642266 (2008)Facts
Wild West World, L.L.C. operated an amusement park in Kansas that opened in May 2007 but closed shortly thereafter in July 2007. The debtor had obtained loans from Bank of the West secured by substantially all of the debtor’s assets, including “all products and proceeds” of the collateral. After closing, the debtor filed for bankruptcy protection. During the bankruptcy proceedings, the debtor received business interruption insurance payments totaling $550,000. The Bank claimed these insurance payments were proceeds of its collateral and thus subject to its security interest. The debtor and trustee argued that the business interruption insurance payments were not proceeds of the Bank’s collateral but rather compensation for lost future earnings.
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