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Friday, January 17, 2014

Ind. Decisions - 7th Circuit decides one Indiana case, dated Jan. 15

In IN THE MATTER OF: NEW ENERGY CORPORATION (ND Ind., Miller), a 5-page opinion, Judge Easterbrook writes:

New Energy Corp. operated an ethanol plant in South Bend, Indiana. After entering bankruptcy, it proposed to sell most of its assets by auction. One was held on January 31, 2013. The winning bid of $2.5 million came from a joint venture of Maynards Industries (1991) Inc. and Biditup Auctions Worldwide, Inc. New Energy asked the bankruptcy court to confirm this result; so did the United States Trustee, as representative of all creditors, and the Department of Energy, the largest single creditor. Only Natural Chem Holdings opposed confirmation of the sale, contending that establishment of the joint venture amounted to collusion that spoiled the auction. * * *

This sale was not stayed, and the bankruptcy judge found that the winning bidder acted in good faith. That finding is not clearly erroneous or an abuse of discretion and would be fatal to Natural Chem’s protest if it had standing—which it does not. AFFIRMED

Posted by Marcia Oddi on January 17, 2014 11:35 AM
Posted to Ind. (7th Cir.) Decisions