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In Re Ockerlund Construction Co.

308 B.R. 325 (2004)

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In Re Ockerlund Construction Co.

United States District Court for the Northern District of Illinois
308 B.R. 325 (2004)

  • Written by Philip Glass, JD

Facts

MB Financial Bank (MB) seized the funds in a bank account owned by Chapter 11 debtor Ockerlund Construction Company (Ockerlund Co.) (debtor) to satisfy Ockerlund Co.’s delinquent loan repayments. While MB and Ockerlund Co. were still negotiating over the restoration of funds to Ockerlund Co.’s account, Ockerlund Co.’s principal officer, Craig Ockerlund, advanced unauthorized unsecured postpetition funds to Ockerlund Co. for the costs of a school-construction project and postpetition employee-insurance premiums. Ockerlund Co. framed these advances as fulfilling emergency obligations and thus classifiable as administrative expenses (i.e., operationally necessary postpetition expenses incurred by the debtor). Ockerlund Co. thereafter filed a motion to repay Craig Ockerlund for the advance. Ockerlund Co. insisted that a court order authorizing the advance could not have been obtained beforehand. However, the motion failed to explain the reason for this purported impossibility. MB supported the motion, while Midwesco Services (creditor) and bonding company Atlantic Mutual opposed it.

Rule of Law

Issue

Holding and Reasoning (Cox, J.)

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