In Re Fremont General Corporation
| Fremont General Corporation |
| Fremont General Corporation |
| Kyle R Walker |
| 8:2014cv01017 |
| July 3, 2014 |
| US District Court for the Central District of California |
| Audrey B. Collins |
| Bankruptcy Appeal (801) |
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Filing
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OPINION by Judge Andre Birotte, Jr. After a full review of the record on appeal, the Court does not find that bankruptcy Court committed clear error in finding: (a) the Company Event occurred on 7/2/2007 when the escrow agent released the CRE assets to iStar and iStar took possession and control of them, and; (b) Appellants' Termination Date (as defined in the MCAs) was 6/29/2007 when Appellants admit they received their written notices of termination from FIL and FGC. Both findings are wel l supported by the weight of the evidence. Moreover, to the extent the Court either of those questions may be considered a mixed question of law and fact subject to de novo review by this court, the Court independently agrees with the bankruptcy cour t's findings asdiscussed more fully above. Because it is undisputed that Appellants MCAs only provided the 36-months' severance pay if Appellants' Termination Date followed a Company Event in time, those two findings of fact are dispos itive. Appellants "Termination Date" precededthe "Company Event" by three days, and Plaintiffs are not entitled to any severance benefits under the express terms of their MCAs. Because Appellants' have no claim against FGC fo r breach of the express terms of the MCAs (the only claim Appellants advanced below or on appeal), the bankruptcy court did not err in disallowing Appellants' bankruptcy claims, and the Court AFFIRMS the bankruptcy court's3/21/2014 disallow ing Appellants claims. The clerk is directed to enter the judgments on appeal, give notice, and return the physical records on appeal to the bankruptcy clerk. Fed. R. Bankr. P. 8024. Appellees are to be awarded their costs on appeal, which shall be taxable in the bankruptcy court. Fed. R. Bankr. P. 8021(a), (c). (Made JS-6. Case Terminated.) (jp)
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