Mid-Continent Nabs 5th Circ. Win On $63M Bankruptcy Claim
Law360, New York (March 27, 2017, 4:48 PM EDT) -- The Fifth Circuit found that Mid-Continent Casualty Co. need not pay the $63 million that Kipp Flores Architects LLC sought from the insurer's bankrupt policyholder after winning a copyright dispute, saying Friday no final judgment was entered in the bankruptcy.
In a published decision, a three-judge panel upheld a lower court and ruled that since bankrupt homebuilder Hallmark Collection of Homes LLC had no assets to distribute, the bankruptcy court never ruled on KFA’s claim, leaving the architecture firm with no grounds to demand the cash from Mid-Continent.
“We hold that KFA did not have a ‘deemed allowed’ claim that constitutes...
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