In re: Ruben Terron Hernandez and Sylvette Perez Collado

CourtUnited States Bankruptcy Court, D. Puerto Rico
DecidedJune 2, 2014
Docket13-08012
StatusUnknown

This text of In re: Ruben Terron Hernandez and Sylvette Perez Collado (In re: Ruben Terron Hernandez and Sylvette Perez Collado) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, D. Puerto Rico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re: Ruben Terron Hernandez and Sylvette Perez Collado, (prb 2014).

Opinion

IN THE UNITED STATES BANKRUPTCY COURT 1 FOR THE DISTRICT OF PUERTO RICO 2 IN RE: CASE NO. 13-08012 (ESL) 3 RUBEN TERRON HERNANDEZ CHAPTER 7 4 SYLVETTE PEREZ COLLADO

5 Debtors 6 OPINION AND ORDER 7 8 This case is before the court upon the Motion for Sanction, Reasonable Expenses, and 9 Attorneys’ Fees Pursuant to Federal Bankruptcy Rule 9011 filed by Banco Popular de Puerto 10 Rico (“BPPR”) (Docket No. 11) alleging that the signing by Debtors’ counsel and subsequent 11 filing of the second bankruptcy petition was done in violation of 11 U.S.C. § 109(g)(2) and Fed. 12 R. Bankr. P. 9011(b). The Debtors filed a Reply to Creditor’s Request for Sanctions and in 13 Compliance With Court Order (Docket No. 41) arguing that when the second petition was filed 14 they were undergoing negotiations with BPPR, that due to lack of cooperation from BPPR an 15 agreement was not reached in good faith, and that the petition was filed with the intention to pay 16 creditors. For the reasons stated below, BPPR’s Motion for Sanction, Reasonable Expenses, 17 and Attorneys’ Fees Pursuant to Federal Bankruptcy Rule 9011 is hereby granted. 18 Jurisdiction 19 The court has jurisdiction pursuant to 28 U.S.C. §§ 1334(b) and 157(a). This is a core 20 proceeding pursuant to 28 U.S.C. §157(b)(1) and (b)(2)(A). Venue of this proceeding is proper 21 under 28 U.S.C. §§ 1408 and 1409. 22 Procedural Background 23 The Debtors filed their first bankruptcy petition under Chapter 11 of the Bankruptcy 24 Code on March 9, 2012 (Case No. 12-01808 Docket No. 1). 25 On July 31, 2012, BPPR and Doral Bank moved for relief from stay under Section 362 26 (Case No. 12-01808 Docket Nos. 80 and 83). The Debtors opposed and a hearing was held on 27 1 August 28, 2012 (Case No. 12-01808 Docket No. 108). The court entered minute orders at the 2 hearing granting the Debtors 30 days to reach a stipulation with both BPPR and Doral (Case 3 No. 12-01808 Docket No. 109). 4 On October 4, 2012, BPPR moved for the entry of an order lifting the stay in its favor as 5 more than 60 days had lapsed since the initial hearing on the motion to lift stay and because the 6 Debtors has breached the stipulation on the use of cash collateral (Case No. 12-01808 Docket 7 No. 133). Doral Bank also moved the court for an order lifting the automatic stay on November 8 2, 2012 (Case No. 12-01808 Docket No. 149). The matters were heard on January 22, 2013 and 9 continued to April 2, 2013 (Case No. 12-01808 Docket No. 193 and 194). On April 2, 2013 the 10 court entered a minute order lifting the stay in favor of Doral and stating the terms of adequate 11 protection payments to BPPR (Case No. 12-01808 Docket No. 235). 12 On July 8, 2013, the court entered an Order (Case No. 12-01808 Docket No. 262) 13 stating, inter alia, the following:

14 Lastly, the court concludes that pursuant to its April 2, 2013 Order it was clearly 15 established that if the parties did not reach an agreement within ninety (90) days to negotiate the terms of the sale of the property, the automatic stay would be 16 lifted in favor of BPPR. The Debtors and BPPR were granted thirty (30) days thereafter in the event that both parties had agreed to the sale of the property. The 17 ruling afforded the Debtors an opportunity to complete a sale in excess of the secured debt. The opportunity did not materialize. 18

19 Thus, upon the Debtors’ failure to comply with the April 2, 2013 Order (Case No. 12-01808 20 Docket No. 235) the automatic stay was lifted in favor of BPPR, without need of further notice 21 or hearing. 22 On July 16, 2013, the Debtors filed a Motion Requesting Voluntary Dismissal (Case No. 23 12-01808 Docket No. 264) pursuant to 11 U.S.C. §1112(b) (1) stating that: 24 [t]he instant bankruptcy petition was triggered by the imminent execution of a 25 judgment entered by the Puerto Rico Court of First Instance on December 9, 2009, for BPPR and against the Debtors’ subject property. The same was obtained 26 through a collection and foreclosure proceeding filed by the principal creditor in the instant case, BPPR. Therefore, this litigation relates to Debtors’ default in 27 credit facilities provided by BPPR. Before filing the petition, Debtors attempted 1 to negotiate with BPPR, but their negotiation efforts did not succeed. Pursuant to 2 the outcome of this bankruptcy filing, BPPR was going to foreclose on the subject property owned by the Debtors. 3 4 In their Motion Requesting Voluntary Dismissal, the Debtors also stated that “[a]s such, Debtors 5 no longer see the protection of the bankruptcy code as the most effective solution to their 6 economic troubles and foresee negotiations outside of bankruptcy as the most beneficial to the 7 Debtors and all parties involved” (Case No. 12-01808 Docket No. 264, p. 6). Moreover, the 8 Debtors requested the voluntary dismissal of their Chapter 11 petition based upon the following 9 reasons: (i) the original purpose of the reorganizations is extinct because their only income 10 producing property and their most valuable asset will be subject to a foreclosure proceeding to 11 be resumed by BPPR; (ii) the Debtors believe that they may negotiate and reach a settlement 12 outside the bankruptcy court involving the sale of assets and repayment of creditors; (iii) 13 “…even BPPR has admitted, through its motions for lift of stay, that it would rather execute on 14 its collateral outside the bankruptcy process, even though it has had the opportunity to accept 15 various significant offers made during the bankruptcy case;” and (iv):

16 [c]onversion of the case to Chapter 7 would not be in the best interests of creditors and the estate because, in the absence of the subject property on which 17 the lift of stay order has been issued, the estate would be insolvent, would have 18 insufficient income and would be incapable of producing any kind of dividends to unsecured creditors nor pay any priorities or administrative expenses. The lift of 19 stay orders basically rendered the Debtors insolvent by taking away their only assets. Therefore, a Chapter 7 conversion would result in a no-asset case. 20 (Case No. 12-01808 Docket No. 264, pp. 6-7) (emphasis added).

21 On August 6, 2013, the court held a previously scheduled hearing to consider the 22 approval of the Debtors’ disclosure statement. At the onset of the hearing, the court questioned 23 the parties if there was any objection to the voluntary dismissal of the case as the time to object 24 had lapsed the day before. The Debtors requested that their Motion Requesting Voluntary 25 Dismissal be held in abeyance to allow them thirty (30) days to negotiate the sale of the 26 property over which BPPR held a lien. BPPR objected indicating that it had not been part of the 27 1 negotiations and that it was an undersecured creditor. The court determined that it would not 2 benefit the estate (unsecured creditors) to hold the case open if BPPR is an undersecured 3 creditor and has not consented to the sale. Thus, the court granted the Motion Requesting 4 Voluntary Dismissal and denied the request to defer the entry of the order dismissing the same 5 (Case No. 12-01808 Docket No. 273).

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In re: Ruben Terron Hernandez and Sylvette Perez Collado, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-ruben-terron-hernandez-and-sylvette-perez-collado-prb-2014.