In re Nu-South Industries, Inc.

115 B.R. 90, 1990 Bankr. LEXIS 1087, 1990 WL 67954
CourtUnited States Bankruptcy Court, S.D. Mississippi
DecidedMay 9, 1990
DocketBankruptcy No. 9007242SEG
StatusPublished

This text of 115 B.R. 90 (In re Nu-South Industries, Inc.) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, S.D. Mississippi primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re Nu-South Industries, Inc., 115 B.R. 90, 1990 Bankr. LEXIS 1087, 1990 WL 67954 (Miss. 1990).

Opinion

ORDER

EDWARD R. GAINES, Bankruptcy Judge.

This matter is before the Court on the motion for an order to be admitted pro hac vice to practice in these proceedings in this Court, filed by Glenn W. Merrick, a member of the law firm of Davis, Graham and Stubbs of Denver, Colorado, on behalf of the debtor, Nu-South Industries, Inc. Having reviewed the motion, the objections thereto filed by Mississippi Chemical Corporation and the United States Trustee, and the briefs submitted by the parties, the Court is of the opinion that serious and incapacitating conflicts of interest are abundantly present in this case, which require that the objections be sustained and that the motion filed by Glenn W. Merrick be denied.

I.Facts

This Chapter 7 proceeding was commenced by the filing of a voluntary petition on February 1, 1990. Stephen H. Leech, Jr., of the law firm of Phelps, Dunbar, Marks, Claverie and Sims (“Phelps Dunbar”) of Jackson, Mississippi, is counsel for the debtor. H.S. Stanley, Jr., is the Chapter 7 trustee.

The motion filed by Glenn W. Merrick of the law firm of Davis, Graham and Stubbs, Denver, Colorado, requests that Mr. Merrick be admitted pro hac vice to serve as co-counsel for the debtor with Phelps Dunbar. Mr. Merrick is not licensed to practice law in the State of Mississippi. It is undisputed that Mr. Merrick and his law firm have been serving as both counsel for the debtor and another corporation known as Nu-West Industries, Inc. (“Nu-West”). Mr. Merrick seeks to serve simultaneously as counsel for the debtor and Nu-West in this Chapter 7 proceeding.

Based on the schedules filed by the debt- or, information developed at the first meeting of creditors, and other pleadings filed in this case, the following facts have been established concerning the relationship between the debtor and Nu-West:

1. Nu-West is the sole shareholder of the issued and outstanding shares of the debtor’s common stock.

2. Nu-West is scheduled as an unsecured creditor in the amount of $43,243,-000.00. This amount represents 97% of the unsecured claims and 68% of the total debt owed by the debtor.

3. The debtor and Nu-West are joint obligors on an indebtedness owed to John Deere Industrial Equipment Company in the alleged amount of $488,571.99. This indebtedness was in default at the time of filing. Several pieces of equipment held as security by John Deere are essential to the treatment of the contaminated water on the debtor’s property.

4. A constant and uninterrupted supply of natural gas is vital to the preservation and safety of the facility. Steven W. Gampp, Vice-President and Secretary for Nu-South Industries, Inc. (“debtor”) testified at the first meeting of creditors that the debtor’s board of directors had authorized Lou Whitlock, a Vice President of [91]*91Nu-West Industries, Inc. (“Nu-West”) with experience negotiating natural gas contracts, to negotiate and execute a natural gas contract on behalf of the debtor with Trade and Development Corporation (“TDC”). A proof of claim in the debtor’s case has been filed by TDC in the amount of $40,462.10.

5. Winthrop Resources Corporation (“WRC”) is mentioned on the debtor’s Schedule A-2 as a lessor of computer and radio equipment and photostatic copiers. The amount listed as owing to WRC under the leases is $115,486.00. The following is noted next to WRC in Schedule A-2:

Listed for informational purposes only. Obligor on Winthrop Resources corporation instruments is Nu-West Industries, Inc. and property to be returned to Nu-West Industries, Inc.

This is consistent with the notation found at Item No. 8 of debtor’s Statement of Financial Affairs (“Property held for another person”).

6. Steven Gampp, Vice-President, Treasurer and Secretary of Nu-West, was a Vice-President and Secretary of the debtor. Mr. Gampp testified at the first meeting of creditors that Craig Harlen, President of Nu-West, was President of the debtor. Mack Barber and A1 Daubach, Executive Vice-Presidents of Nu-West, were Executive Vice-Presidents of the debtor. Mr. Daubach was a director of the debtor, but was not a director of Nu-West. Mr. Gampp also testified that certain administrative functions were performed by Nu-West for the debtor, the primary one being marketing of finished goods by Nu-West for the debtor. Mr. Gampp testified that the sales staff of Nu-West sold finished goods for the debtor and charged the Debt- or on inter-company allocations.

7. Mr. Gampp testified at the first meeting of creditors that authorized signatories on accounts of the debtor included two officers of Nu-West, who were also officers of the debtor. To date, no evidence has been presented to the Court that any of these persons improperly executed control over any debtor’s account for the benefit of Nu-West (although there has been no reason to present any such evidence at this point in time).

8. The debtor and Nu-West filed consolidated tax returns.

9. At the initial meeting of creditors in this case, Mr. Gampp testified that in order to realize economies of coverage cost, Nu-West negotiated a master insurance policy to cover the assets of each of the corporations in the corporate group. Mr. Gampp testified that the debtor (and all other Nu-West subsidiaries) were then billed their proportional share of the resulting premiums under the Master Policy by Nu-West.

10. Invoices for payment by Nu-Gulf Industries, Inc., a subsidiary of Nu-West which was recently sold, appear as liabilities of the debtor. The corporate representative of the debtor at the first meeting of creditors, Steven Gampp (also an officer of Nu-West), indicated that these debts total approximately $260,000.00 and are properly listed as obligations of the debtor since the debtor received the product or service that forms the basis of the claim.

11. Nu-West appears to be an insider of the debtor under § 101(30) of the Bankruptcy Code. The debtor appears to have made payments to Nu-West during the one-year period prior to the filing of the bankruptcy petition. It is alleged that Nu-West became the credit facility for the debtor when other credit became unavailable.

12. Nu-West has guaranteed payment of Mr. Merrick’s charges for legal services and expenses on behalf of the debtor.

13. The debtor and Nu-West are co-defendants in the lawsuit styled Big River, Inc. v. Nu-South Industries, Inc. and Nu-West Industries, Inc., U.S. Bankruptcy Court, E.D. Ark., Case No. AP 89-2011.

II. Issue of Law

The issue to be decided here is whether a conflict of interests exists which requires disqualification of Glenn W. Merrick and his law firm from representing the debtor with Phelps Dunbar, in light of the fact that Davis, Graham and Stubbs represents and will continue to represent Nu-West Industries, Inc., simultaneously with the debtor, in a wide range of corporate litigation and other legal matters.

III. Conclusions of Law

The standards for the employment of professionals are strict in bankruptcy. Congress has determined that strict standards are necessary in light of the unique nature of the bankruptcy process. In re Cropper Co., 35 B.R. 625, 629 (Bankr.M.D.Ga.1983). The standards for reviewing [92]*92conflicts of interests are best summarized by Judge Harold C.

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Bluebook (online)
115 B.R. 90, 1990 Bankr. LEXIS 1087, 1990 WL 67954, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-nu-south-industries-inc-mssb-1990.