The Cadle Co. II, Inc. v. Gasbusters Production I LP, No. 10-5060, 2011 BL 231849 (6th Cir. B.A.P. Sept. 9, 2011) The United States Bankruptcy Appellate Panel for the Sixth Circuit (“B.A.P.”) affirmed a bankruptcy court’s decision and held that a limited partnership sufficiently established its ownership interest in fifteen gas well agreements and could assert claims against the debtor’s estate. Overruling a challenge on appeal from the primary unsecured creditor, the B.A.P. affirmed the bankruptcy court’s ruling that the creditor’s deposition testimony constituted a judicial admission, thereby limiting its ability to challenge the partnership’s claims. The court also affirmed the bankruptcy court’s rejection of the creditor’s contention that the well agreements were deficient because they contained grammatical arrors and name inconsistencies. As a result of the decision, the partnership will be entitled to assert claims totaling more than $330,000.00.
GPILP’s Claims against the Paul Bankruptcy Estate Relating to the Gas Wells
Bankruptcy Court Overrules Cadle’s Objection to GPILP’s Claims
B.A.P. Rules GPILP’s Deposition Testimony Constituted a Judicial Admission
B.A.P. Holds GLILP Had a Sufficient Ownership Interest to Assert a Claim
B.A.P. Affirms Bankruptcy Court’s Determination of the GPILP Claim Amounts
B.A.P. Affirms Bankruptcy Court’s Award of GPILP’s Claims
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