In re Free Lance-Star Publishing Co.

512 B.R. 798 (2014)

From our private database of 46,200+ case briefs, written and edited by humans—never with AI.

In re Free Lance-Star Publishing Co.

United States Bankruptcy Court for the Eastern District of Virginia
512 B.R. 798 (2014)

Facts

The Free Lance-Star Publishing Company and associated landowner William Douglas Properties, LLC (the debtors) (defendant) obtained a loan from Branch Banking & Trust (BB&T). The loan was secured by real and personal property, but the collateral did not include three parcels of real estate known as the tower assets. A severe recession marked the beginning of the debtors’ financial decline. The BB&T loan was acquired by DSP Acquisition, LLC (DSP) (plaintiff). DSP pressured the debtors to file for bankruptcy and expressed an intention to acquire their assets. The bankruptcy filing—under Chapter 11 of the United States Bankruptcy Code—eventually occurred. Realizing that it lacked a secured interest in the tower assets, DSP recorded two financing statements without telling the debtors. At a later hearing, DSP sought new liens on the tower assets from the bankruptcy court but continued to omit mention of the financing statements. The debtors sought court approval of bidding procedures to auction their assets, including the tower assets. DSP filed a complaint, seeking a declaration that it had valid liens on substantially all the debtors’ assets, including the tower assets. Both sides moved for summary judgment.

Rule of Law

Issue

Holding and Reasoning (Huennekens, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 797,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 797,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,200 briefs, keyed to 988 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 797,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,200 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership