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In re Puff

United States Bankruptcy Court for the Northern District of Iowa
2011 WL 2604759


Facts

Puff (debtor) filed for reorganization under chapter 11 of the bankruptcy code. Wells Fargo Financial Leasing (Wells Fargo) (creditor) and Farmers Savings Bank (Farmers) (creditor) held secured claims on real estate owned by Puff. Wells Fargo and Farmers made valuation assessments on those properties that differed significantly from Puff’s valuations. Wells Fargo also alleged that some of its secured claims were true leases and would therefore be handled differently in the reorganization. Wells Fargo and Farmers objected to Puff’s third amended disclosure statement, alleging that the disclosure statement was insufficient because it did not include information regarding the differences in valuations or the possibility that some of Wells Fargo’s secured claims were true leases. Puff requested the bankruptcy court’s approval of the disclosure statement, and the bankruptcy court held a hearing.

Rule of Law

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Issue

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Holding and Reasoning (Collins, J.)

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  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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