In Re Elder
Elder v. Susan Uecker & Official Unsecured Creditors' Committee (In Re Elder)
Opinion
Opinion
Patel, J.
MEMORANDUM AND ORDER
On September 14, 2004, Michael M. Elder (“appellant”) filed this appeal challenging the bankruptcy court’s order confirming the Chapter 11 joint reorganization plan (the “Plan”) proposed by the- Chapter 11 trustee and the unsecured creditor’s committee. Appellant challenges the Plan based on the powers and fees granted to the Plan Administrator. Appellant seeks reversal of the Plan and remand to the bankruptcy court for further proceedings. Having considered the parties’ submissions and for the reasons set forth below, the court rules as follows.
BACKGROUND
Prior to filing for bankruptcy, appellant owned and operated Vorpal Galleries, two retail art galleries in New York City and San Francisco, for over thirty-five years. Disclosure Statement to Joint Plan of Reorganization (hereinafter “DS”) at 2. Appellant also owned three cooperative lofts in New York City, one of which served as the location of the New York Vorpal Gallery. Id. In 1995, appellant’s former spouse, Alicia Maria Restrepo, filed for divorce. Id. at 3. The Supreme Court for the State of New York awarded Restrepo two favorable judgments in the marital dissolution and property division…