In re: Li's Capital LLC

CourtUnited States Bankruptcy Appellate Panel for the Ninth Circuit
DecidedApril 8, 2025
Docket24-1096
StatusUnpublished

This text of In re: Li's Capital LLC (In re: Li's Capital LLC) is published on Counsel Stack Legal Research, covering United States Bankruptcy Appellate Panel for the Ninth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re: Li's Capital LLC, (bap9 2025).

Opinion

FILED APR 8 2025 SUSAN M. SPRAUL, CLERK NOT FOR PUBLICATION U.S. BKCY. APP. PANEL OF THE NINTH CIRCUIT

UNITED STATES BANKRUPTCY APPELLATE PANEL OF THE NINTH CIRCUIT

In re: BAP No. NC-24-1096-FBC LI’S CAPITAL LLC, Debtor. Bk. No. 18-30918-dm

E. LYNN SCHOENMANN, Appellant, v. MEMORANDUM* UNITED STATES TRUSTEE, Appellee.

Appeal from the United States Bankruptcy Court for the Northern District of California Dennis Montali, Bankruptcy Judge, Presiding

Before: FARIS, BRAND, and CORBIT, Bankruptcy Judges.

INTRODUCTION

Appellant E. Lynn Schoenmann appeals from the bankruptcy court’s

order removing her as chapter 71 trustee for personal misconduct unrelated

* This disposition is not appropriate for publication. Although it may be cited for whatever persuasive value it may have, see Fed. R. App. P. 32.1, it has no precedential value, see 9th Cir. BAP Rule 8024-1. Unless specified otherwise, all chapter and section references are to the 1

Bankruptcy Code, 11 U.S.C. §§ 101-1532. to her duties as trustee. We AFFIRM.

FACTS

A. Probate litigation

Ms. Schoenmann has been a chapter 7 panel trustee since 1997.

A few years prior to her appointment as panel trustee, she married

Donn Schoenmann. At that time, Mr. Schoenmann was financially

successful. He fell ill soon thereafter, and his mental and physical health

and his financial condition gradually deteriorated.

In 2016, Mr. Schoenmann executed new estate planning documents

and deeds that terminated Ms. Schoenmann’s right of survivorship in four

pieces of real estate. But later that same year, Mr. and Ms. Schoenmann

signed a Post Marital Agreement (the “PMA”) that (among other things)

restored Ms. Schoenmann’s right of survivorship in three of the properties.

Mr. Schoenmann died in 2018. His passing meant that, by virtue of

the right of survivorship restored in the PMA, Ms. Schoenmann became the

owner of the real estate.

Ms. Schoenmann instituted probate proceedings in California

superior court and became executor of the probate estate.

Mr. Schoenmann’s children by a prior marriage (the “Heirs”) actively

litigated the probate case.

First, the Heirs sought a preliminary injunction restraining

Ms. Schoenmann from transferring one of the real estate interests. The

superior court granted the preliminary injunction, finding that there was a

2 strong likelihood that the Heirs could show that the transfer of the real

estate was a fraudulent transfer.

Second, the Heirs filed a petition to invalidate the PMA. They argued

that Ms. Schoenmann induced Mr. Schoenmann to sign the PMA by taking

advantage of his physical and mental frailty and that the PMA was

contrary to his true intentions. Ms. Schoenmann argued that the PMA was

the product of extensive negotiations in which Mr. Schoenmann was

represented by counsel and that its terms were consistent with his intent.

The stakes were high: if the Heirs were successful, Ms. Schoenmann’s right

of survivorship in the real estate (and her ownership upon

Mr. Schoenmann’s death) would be invalidated.

The parties agreed to a bifurcated trial, the first phase of which

would decide the validity of the PMA. After a ten-day bench trial, the

superior court issued a detailed and comprehensive tentative decision and

proposed statement of decision (the “Tentative Decision”). 2 The court laid

out a harrowing tale of Ms. Schoenmann’s abuse, intimidation, and

manipulation of Mr. Schoenmann while he was in desperate mental,

emotional, and physical condition. The court indicated its intention to

decide that Mr. Schoenmann was an abused spouse, that the PMA unfairly

benefitted Ms. Schoenmann, that Ms. Schoenmann used undue influence to

induce Mr. Schoenmann to sign the PMA, and that the PMA was invalid.

2 In a bench trial on factual questions, the court must make a tentative decision, which is neither a judgment nor binding. Cal. R. of Ct. 3.1590(a), (b).

3 The superior court allowed the parties to file objections to the

Tentative Decision within fifteen days after its issuance. 3

B. The EIDL Loan

In the meantime, about three weeks before the probate trial was set to

begin, Ms. Schoenmann applied for a COVID-19 Economic Injury Disaster

Loan (the “EIDL Loan”) from the U.S. Small Business Administration. In

her application, Ms. Schoenmann listed all four of the real properties as

potential collateral for the loan and stated that she was the sole owner of

each property. She did not disclose the pending probate proceedings

challenging her ownership of the properties and threatening her with

significant monetary liability. She also did not disclose the attorneys’ fees

that she had incurred but that had not yet been billed.

Ms. Schoenmann obtained approval for an EIDL Loan of $924,700.

Four days before the trial in superior court, she signed a loan agreement in

which she said that she owned the four parcels of real estate, that her title

had never been “disputed or questioned,” and that the properties were free

of claims by third parties. She promised to use the loan proceeds “solely as

working capital to alleviate economic injury caused by disaster occurring

in the month of January 31, 2020 and continuing thereafter.”

Eventually, she used about half of the EIDL Loan proceeds to pay her

attorneys. She allegedly used the remaining funds on personal expenses,

The parties may file objections to a proposed statement of decision and 3

judgment within fifteen days of service. Cal. R. of Ct. 3.1590(g). 4 such as automobile payments, travel expenses, and cash withdrawals.

C. Ms. Schoenmann’s bankruptcy case

In January 2022, before the time to object to the Tentative Decision

expired, Ms. Schoenmann filed a chapter 11 petition. The automatic stay

prevented the superior court from issuing a final decision.

When she filed her chapter 11 petition, Ms. Schoenmann voluntarily

requested suspension from assignment as chapter 7 trustee in future cases

for 120 days. She subsequently agreed to multiple extensions of the

suspension.

The Heirs moved the bankruptcy court to lift the automatic stay so

the superior court could enter a final decision. Ms. Schoenmann objected.

Instead, she agreed that she “would live with the tentative decision as the

result” and maintained that the only issue before the superior court was

the PMA, “which the probate court voided and we accept, for the purposes

of everything going forward, that the probate court has voided it.” At a

later hearing, Ms. Schoenmann argued that she did not agree to accept the

superior court’s findings unrelated to the validity of the PMA and that the

Tentative Decision was not binding on the bankruptcy court.

The Heirs also filed adversary proceedings challenging the

dischargeability of Ms. Schoenmann’s debt to the probate estate and

seeking recovery of assets that allegedly belonged to the probate estate.

Ms. Schoenmann filed adversary proceedings against the Heirs seeking to

quiet her title to the four properties and for a declaration that the Heirs had

5 no claim to her profit-sharing plan.

Ms.

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In re: Li's Capital LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-lis-capital-llc-bap9-2025.