In re: Tbh19, LLC.

CourtUnited States Bankruptcy Appellate Panel for the Ninth Circuit
DecidedMay 7, 2025
Docket24-1152
StatusPublished

This text of In re: Tbh19, LLC. (In re: Tbh19, 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: Tbh19, LLC., (bap9 2025).

Opinion

FILED MAY 7 2025 ORDERED PUBLISHED SUSAN M. SPRAUL, CLERK U.S. BKCY. APP. PANEL OF THE NINTH CIRCUIT

UNITED STATES BANKRUPTCY APPELLATE PANEL OF THE NINTH CIRCUIT

In re: BAP No. CC-24-1152-FSG TBH19, LLC, a Delaware Limited Liability Company, Bk. No. 2:19-bk-23823-VZ Debtor. HAR-BD, LLC; HAR, LLC; HARVEY BOOKSTEIN; HAR-RFF, LLC, Appellants, v. OPINION SAM S. LESLIE, Chapter 7 Trustee; LEA ACCOUNTANCY, LLP; SHULMAN BASTIAN FRIEDMAN & BUI LLP, Appellees.

Appeal from the United States Bankruptcy Court for the Central District of California Vincent Zurzolo, Bankruptcy Judge, Presiding

APPEARANCES David Shemano of ShemanoLaw argued for appellants; Carolyn A. Dye argued for appellees Sam S. Leslie and LEA Accountancy, LLP; Ryan Daniel O’Dea of Shulman Bastian Friedman & Bui LLP argued for appellee Shulman Bastian Friedman & Bui LLP

Before: FARIS, SPRAKER, and GAN, Bankruptcy Judges.

FARIS, Bankruptcy Judge: INTRODUCTION

Debtor TBH19, LLC’s primary asset was a valuable but over-

encumbered piece of real property. With the assistance of his professionals,

the chapter 7 1 trustee sold the property after negotiating an agreement with

the first-position lienholder that made $3.75 million available to pay

administrative expenses and unsecured claims. The trustee and his

professionals voluntarily agreed to reduce their fees such that unsecured

creditors would receive a distribution of at least $700,000.

Unsecured creditors HAR-BD, LLC, HAR, LLC, Harvey Bookstein,

and HAR-RFF, LLC (collectively, “HAR Parties”) did not object to the sale

or the carveout but challenged the final fee applications of the trustee, his

accountant, and his legal counsel. They argued that the requested fees were

unreasonable when compared to the distribution to unsecured creditors

and that the unsecured creditors should receive at least half of the

carveout. The bankruptcy court approved the fee applications, and the

HAR Parties appealed.

We discern no abuse of discretion and AFFIRM. We publish to clarify

that the fact that a chapter 7 trustee and the trustee’s professionals are

receiving more money than unsecured creditors does not necessarily justify

a reduction of a chapter 7 trustee’s statutory commission or the

professionals’ fees.

Unless specified otherwise, all chapter and section references are to the 1

Bankruptcy Code, 11 U.S.C. §§ 101-1532.

2 FACTS

A. Prepetition events

TBH19 owned real property located in Beverly Hills, California

(“Property”). DBD Credit Funding LLC (“DBD”) held a first-position lien

against the Property, and HAR-BD held a junior lien.

TBH19 defaulted on the DBD loan. Complicated, multiparty litigation

ensued in state court.

B. TBH19’s bankruptcy filings

TBH19 filed a chapter 11 petition in late 2019. It scheduled the

Property as its primary asset and represented that the Property was

encumbered by secured liens totaling approximately $67 million. 2 It also

scheduled unsecured claims totaling nearly $8 million. Creditors filed

proofs of claim for much larger amounts.

TBH19 unsuccessfully listed the Property for sale at $125 million. It

eventually took the Property off the market.

C. Conversion to chapter 7, appointment of the Trustee, and employment of his professionals

In February 2021, the bankruptcy court converted TBH19’s chapter 11

case to one under chapter 7. Sam Leslie was appointed chapter 7 trustee

(“Trustee”).

Shortly thereafter, the Trustee sought bankruptcy court approval to

2 The chapter 7 trustee later contended that liens encumbering the Property were significantly larger.

3 employ LEA Accountancy, LLP (“LEA”) as his accountant to assist “in the

accounting matters and tax preparation aspects of the administration of

this estate, to advise Trustee of any tax consequences derived from

liquidation of estate assets and to assist in any other accounting or tax

matters as may arise in connection with the administration of this estate.”

The Trustee disclosed that he is a partner at LEA.

The Trustee also sought to employ Shulman Bastian Friedman & Bui

LLP (“SBFB”) as legal counsel. He requested legal assistance in order to

investigate the liens, prosecute and defend against various lawsuits, review

the lease agreements for tenants residing at the Property, assist in the

Trustee’s management of the Property, resolve disputes over personal

property, and collect monies owed to the estate.

No one objected to either application. The bankruptcy court

approved LEA’s and SBFB’s employment.

D. Compromise with DBD and sale of the Property

The Trustee listed the Property for sale at $89.75 million in April

2021. A month later, the Trustee, represented by SBFB, filed a motion to

approve a settlement and compromise of DBD’s claims against the estate.

Under the agreement, the claims of DBD and other parties (totaling over

$70 million) would be allowed in full and the Trustee would dismiss the

estate’s claims against DBD and related parties in the state court litigation.

The Trustee proposed to file a motion to sell the Property. DBD agreed to

make a credit bid in the amount of its claim and to carve out 6.25 percent of

4 the sale price for administrative fees and costs and distributions to

unsecured creditors. The settlement agreement provided that “[t]he

Trustee may enter into any subsequent agreements between the Estate and

any of its professionals in the Bankruptcy Case to ensure that the Carveout

results in a meaningful distribution to unsecured creditors.”

HAR-BD filed a response to the Trustee’s settlement motion. It did

not object to the sale but questioned the amount of DBD’s allowed claim.

After an initial hearing, the Trustee filed a supplement to the

settlement motion and a modified settlement agreement. He also filed a

joint stipulation resolving HAR-BD’s concerns. As a part of the stipulation,

HAR-BD withdrew its response to the settlement motion and agreed to the

carveout.

On September 7, 2021, the bankruptcy court approved the settlement.

Approximately a month later, the Trustee reported that he had sold

the Property for $63.1 million to a third party. This resulted in a carveout of

$3.75 million.

E. Interim fee applications

The Trustee, LEA, and SBFB filed applications for interim fees and

expenses. The Trustee stated that he and his professionals settled almost all

of the litigation against the estate and “made the impossible happen and

created millions of dollars for the Estate, in an otherwise no asset case.”

The Trustee requested a total of $1,803,905.21 ($1,795,667.24 in fees and

$8,237.97 in costs) pursuant to the statutory formula. LEA sought a total of

5 $246,230.80 ($245,779 in fees and $451.76 in costs). SBFB filed an application

seeking a total of $1,027,704.64 ($1,012,355.50 in fees and $15,349.14 in

costs).

HAR-BD responded that the bankruptcy court should defer approval

of the fee applications until it had a better understanding of the Trustee’s

proposed use of the carveout funds and could evaluate the Trustee’s actual

work done on the case. It argued that if all the requested fees were allowed,

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