In re Yellow Poplar Lumbar Co., Case No. 17-70882 11/2/2018

In a case proceeding under the Bankruptcy Act of 1898, the Court granted the Chapter 7 Trustee's Motion Seeking Approval of Interim Distribution to Unsecured Creditors related to gas royalties with the modification that interest shall be payable on the general unsecured claims at the rate of 3.6% in accordance with the U.S. Treasury Bill rate in effect on the date the petition was filed against Yellow Poplar.  Additionally, certain heirs challenged the proposed distribution to an assignee of their ancestor's original proof of claim. The Court held that an assignment of their ancestor's original proof of claim would not be recognized as the Bankruptcy Referee made no distributions to the assignee; therefore, the heirs are entitled to distribution under the originally filed claim.

Date: 
Friday, November 2, 2018
Category: 
Interest
Unsecured Creditor
Chapter: 
7