In re Made In Detroit, Inc.
United States Bankruptcy Court for the Eastern District of Michigan
299 B.R. 170 (2003)
Made In Detroit, Inc. (Made) (debtor) filed for reorganization under chapter 11 of the bankruptcy code. As part of its reorganization plan, Made sought to obtain a $9,000,000 loan from Kennedy Funding, Inc. (Kennedy). The loan would be secured by Made’s property. Made had petitioned the court to allow Made to obtain a loan from shareholders to pay Kennedy the loan-commitment fee, but the court denied the motion. Made failed to pay the loan-commitment fee through other means. Made submitted a reorganization plan that was contingent on obtaining the $9,000,000 loan from Kennedy. When Made submitted the plan, the loan-commitment fee remained unpaid, the collateral had not been appraised, and other conditions precedent to the Kennedy loan were unsatisfied.
Rule of Law
Holding and Reasoning (McIvor, J.)
What to do next…
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 724,000 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
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 724,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 45,600 briefs, keyed to 983 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.