Lariat Companies, Inc. v. Wigley

Lariat appealed the bankruptcy court's order denying Lariat's request to dismiss the Chapter 11 case of debtor, or to convert the case to Chapter 7, denying confirmation of debtor’s second modified Chapter 11 plan, and establishing deadlines for debtor to file a modified plan and obtain confirmation of it. Lariat also appealed the bankruptcy court's order confirming debtor's fourth modified Chapter 11 plan. Lariat’s main argument is that the bankruptcy court erred in finding that debtor’s Chapter 11 case was filed in good faith. The court found no error with the bankruptcy court’s findings that debtor was in financial distress, and that he filed his Chapter 11 petition to maximize the value of his assets and to obtain the benefits of the Bankruptcy Code. The court rejected Lariat's contentions and affirmed the judgment. View "Lariat Companies, Inc. v. Wigley" on Justia Law