In Re Reed

Schwaber v. Reed (In Re Reed)

Good Law

1988 WL 71989·19 Collier Bankr. Cas. 2d 378·1988 Bankr. LEXIS 1071·89 B.R. 100

United States Bankruptcy Court, Central District of CaliforniaJuly 6, 1988Bankruptcy No. LA 86-17049-VZ, Adv. No. LA 88-00517-VZCalifornia3,378 words

Opinion

Zurzolo, J.

MEMORANDUM OF DECISION

I. INTRODUCTION

Steven A. Schwaber, the trustee in this Chapter 7 Bankruptcy Case (“Trustee”), filed a motion requesting a preliminary injunction compelling the turnover of proceeds from the sale of residential property located at 225 South Rodeo Drive, Beverly Hills, California 90212 (“the Property”) as well as other injunctive relief. The relief is sought against Morton Reed, the debtor in this Chapter 7 case (“Debtor”), Safi Reed, his wife (“Debtor’s Wife”), and Moneymaker & Kelley, the bankruptcy counsel for Debtor (“M & K”).

II. FACTS

None of the pertinent facts are in dispute. Debtor voluntarily commenced this ease on September 12,1986. Debtor filed a schedules of assets that includes a “k joint tenancy interest with wife in [the “Property”].” Also in his Schedules, Debtor swears that the value of his joint tenancy interest in the Property was $300,000, estimates that the amount of secured debt encumbering the Property was $380,000 and claims a $45,000 homestead exemption Property pursuant to California Code of Civil Procedure (“CCP”) Section 704.710 et seq.

Trustee filed a report with this Court on August 7, 1987, which is commonly known as a “No…

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