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This profile was last updated on 2/21/13  and contains information from public web pages.

Hon. Jack B. Schmetterer

Wrong Hon. Jack B. Schmetterer?

Judge

Phone: (773) ***-****  HQ Phone
Bankruptcy Articles
10540 S. Western Ave, Suite 202
Chicago, Illinois 60643
United States

Company Description: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Background

Employment History

  • Judge

Board Memberships and Affiliations

118 Total References
Web References
Bankruptcy Litigation Blog : Litigation Lore
www.bankruptcylitigationblog.com, 21 Feb 2013 [cached]
Briefly, in this case, the company's former officer, director, and shareholder, wearing his tough guy hat as the company's major secured creditor, unsuccessfully challenged the company's bankruptcy filing in Chicago, with Bankruptcy Judge Jack B. Schmetterer issuing a lengthy opinion finding that (i) the former insider's claims should be only partially recharacterized as equity, but not equitably subordinated, and (ii) most importantly for purposes of this post, the debtor's chapter 11 filing was not in bad faith because there was a business to reorganize and the filing was a "rational reaction" to the creditor's threat to foreclose on debtor's business assets. Repository Technologies, Inc. v. Nelson (In re Repository Technologies, Inc.), 363 B.R 868 (Bankr. N.D. Ill. 2007) (pdf).
District Court Judge Amy St. Eve, who's had one of the more interesting years as federal judge while overseeing the Tony Rezko and Lord Conrad Black of Crossharbour trials, heard the appeal in her spare time, and affirmed Judge Schmetterer's decision in its entirety.
...
Adopting the standards for claim preclusion from the 7th Circuit, not Delaware (which were noted to be essentially the same as the 7th Circuit's), Vice Chancellor Strine held that Nelson was collaterally estopped from asserting a breach of duty claim based on management's alleged bad faith in filing the bankruptcy petition because, in the first instance, Judge St. Eve had already ruled in the district court case that Judge Schmetterer's finding on the bad faith issue was not "dicta. As an aside, one has to wonder whether Nelson miscalculated by first having the District Court, not the Chancery Court, decide whether Judge Schmetterer's ruling was dicta. Indeed, Judge St. Eve's own ruling looks a bit like dicta itself, since that ruling on dicta really wasn't essential to affirming Judge Schmetterer's decision. But once she was asked to decide whether it was in fact dicta, and she did so decide, then Nelson was most definitely bound by that result.
Still, Vice Chancellor Strine covered his bases by not relying exclusively upon Judge St. Eve's holding that Judge Schmetterer ruling wasn't dicta, and instead undertook his own independent analysis of Judge Schmetterer's decision, drawing the following important two conclusions:
...
Bankruptcy litigation, however, is a horse of a different color, as Judge Schmetterer reminds us in In re Ha-Lo Industries, Inc. (2005 WL 2160087), and a trap for the unwary.
Judge Jack B. Schmetterer ...
www.chicagobusiness.com, 29 May 2014 [cached]
Judge Jack B. Schmetterer said May 22 that he would dismiss the Chapter 11 case filed by the largest investor of 123 N. Wacker Drive, agreeing with another investor in the building that the bankruptcy petition was filed without his consent, according to people familiar with the case. Judge Schmetterer is expected to issue a written opinion this week formally dismissing the case.
...
Last month, Judge Schmetterer signed off on the financing plan, which called for a new investor, New York-based NorthStar Realty Finance Corp., to inject $12 million to $15 million in new equity in the tower.
...
Judge Schmetterer said last week he would approve the motion.
Honorable Jack B. ...
www.jtbf.org, 21 July 2008 [cached]
Honorable Jack B. Schmetterer
Bankruptcy Litigation Blog: Be Careful What You Wish For: Delaware Chancery Court Provides a Cautionary Tale Against Perfunctory Requests "For Other And Further Relief As The Court Deems Just And Equitable"
www.bankruptcylitigationblog.com, 30 June 2009 [cached]
Briefly, in this case, the company's former officer, director, and shareholder, wearing his tough guy hat as the company's major secured creditor, unsuccessfully challenged the company's bankruptcy filing in Chicago, with Bankruptcy Judge Jack B. Schmetterer issuing a lengthy opinion finding that (i) the former insider's claims should be only partially recharacterized as equity, but not equitably subordinated, and (ii) most importantly for purposes of this post, the debtor's chapter 11 filing was not in bad faith because there was a business to reorganize and the filing was a "rational reaction" to the creditor's threat to foreclose on debtor's business assets. Repository Technologies, Inc. v. Nelson (In re Repository Technologies, Inc.), 363 B.R 868 (Bankr. N.D. Ill. 2007) (pdf).
District Court Judge Amy St. Eve, who's had one of the more interesting years as federal judge while overseeing the Tony Rezko and Lord Conrad Black of Crossharbour trials, heard the appeal in her spare time, and affirmed Judge Schmetterer's decision in its entirety.
...
Adopting the standards for claim preclusion from the 7th Circuit, not Delaware (which were noted to be essentially the same as the 7th Circuit's), Vice Chancellor Strine held that Nelson was collaterally estopped from asserting a breach of duty claim based on management's alleged bad faith in filing the bankruptcy petition because, in the first instance, Judge St. Eve had already ruled in the district court case that Judge Schmetterer's finding on the bad faith issue was not "dicta. As an aside, one has to wonder whether Nelson miscalculated by first having the District Court, not the Chancery Court, decide whether Judge Schmetterer's ruling was dicta. Indeed, Judge St. Eve's own ruling looks a bit like dicta itself, since that ruling on dicta really wasn't essential to affirming Judge Schmetterer's decision. But once she was asked to decide whether it was in fact dicta, and she did so decide, then Nelson was most definitely bound by that result.
Still, Vice Chancellor Strine covered his bases by not relying exclusively upon Judge St. Eve's holding that Judge Schmetterer ruling wasn't dicta, and instead undertook his own independent analysis of Judge Schmetterer's decision, drawing the following important two conclusions:
Chicago Bankruptcy Lawyers - Bankruptcy Judge Schmetterer's Opinion (26)
bankruptcy-lawyers-chicago.com, 22 Feb 2007 [cached]
Jack B. Schmetterer United States Bankruptcy Judge
Entered this 22nd day of February 2007.
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