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United States Bankruptcy Court for the Southern District of Texas
September 28, 2022, Decided; September 28, 2022, Entered
CASE NO: 21-32250, CHAPTER 11
Samurai Martial Sports, Inc. seeks to modify its subchapter V plan of reorganization pursuant to 11 U.S.C. § 1193(c). Subchapter V trustee Allison D. Byman and BankUnited N.A. object to the modified plan. On August 18, 2022, the Court conducted a hearing and for the reasons stated herein, subchapter V trustee Allison D. Byman and BankUnited N.A.'s objections are sustained in part and overruled in part. Samurai Martial Sports, Inc.'s motion to modify its subchapter V plan, is denied.
I. Findings of Fact
This Court makes the following findings of fact and conclusions of law pursuant to Federal Rule of Civil Procedure 52, which is made applicable to adversary proceedings pursuant to Federal Rule of Bankruptcy Procedure 7052. To the extent that any finding of fact constitutes a conclusion of law, it is adopted as such. To the [*2] extent that any conclusion of law constitutes a finding of fact, it is adopted as such. This Court made certain oral findings and conclusions on the record. This Memorandum Opinion supplements those findings and conclusions. If there is an inconsistency, this Memorandum Opinion controls.
1. On July 2, 2021, ("Petition Date") Samurai Martial Sports, Inc. ("Debtor") filed for bankruptcy protection under subchapter V, chapter 11 of the Bankruptcy Code1 initiating the bankruptcy case.2
2. On July 7, 2021, Allison D. Byman was appointed subchapter V trustee ("Trustee").3
3. On August 5, 2021, the Court approved the employment of Baker & Associates, LLP as counsel for Debtor.4
4. On August 11, 2021, the Court issued its order for Debtor's initial status conference and ordered, inter alia, that a plan of reorganization be filed no later than September 30, 2021.5
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2022 Bankr. LEXIS 2683 *; 644 B.R. 667; 71 Bankr. Ct. Dec. 259; 2022 WL 4540962
IN RE: SAMURAI MARTIAL SPORTS, INC., Debtor.
Modification, confirmation, Default, Modified, Projections, satisfies, Reorganization, liquidation, escrow, fair and equitable, make payment, feasibility, circumstances, reorganization plan, motion to modify, replacement, fail to satisfy, obligations, impaired, ballots, holders, cure, consists, good faith, cramdown, proposes, Notice, disposable income, secured claim, nonconsensual
Bankruptcy Law, Reorganizations, Plans, Plan Modification, Governments, Legislation, Interpretation, Individuals With Regular Income, Conversion & Dismissal, Lack of Good Faith, Plan Confirmation, Confirmation Criteria, Consensual Confirmations, Prerequisites, Good Faith Requirement, Eligibility, Means Testing, Regular Income, Claims, Types of Claims, Claim Classification, Impaired Class Consent, Fairness Requirement, Cramdowns, Plan Contents, Mandatory Provisions, Plan Compliance With Code, Disclosure Statements, Feasibility Test, Postconfirmation Effects, Plan Implementation, Plan Acceptance, Evidence, Burdens of Proof, Preponderance of Evidence, Approval of Costs & Expenses, Insiders, Best Interest Test, Pensions & Benefits Law, ERISA, Civil Litigation, Class Actions, Administrative Expenses, Priority, Professional Services, Scope of Stay, Exceptions to Stay, Alimony, Child Support & Maintenance, Unsecured Priority Claims, Alimony, Maintenance & Support, Unsecured Nonpriority Claims, Business & Corporate Compliance, Estate, Gift & Trust Law, Trusts, Creation of Trusts, Payments Under Plan