In re: MOTORS LIQUIDATION COMPANY, f/k/a GENERAL MOTORS CORPORATION, et al., Debtors.MOTORS LIQUIDATION COMPANY AVOIDANCE ACTION TRUST, by and through the Wilmington Trust Company, solely in its capacity as Trust Administrator and Trustee, Plaintiff, against JPMORGAN CHASE BANK, N.A., et al., Defendants., 576 B.R. 325

Summary

HOLDINGS: [1]-The issue of whether creditors that loaned money to a company that manufactured automobiles ("debtor") had secured claims against property that was part of the debtor's Chapter 11 bankruptcy estate depended on whether assets the debtor owned were fixtures because a UCC-1 statement the creditors filed in Delaware was terminated when a UCC-3 Termination Statement was mistakenly filed; [2]-Assets the debtor sold to a new company that was created to purchase the assets had to be valued under 11 U.S.C.S. § 506 by calculating their replacement cost on the date the court approved a sale under 11 U.S.C.S. § 363, minus depreciation and a public policy premium the Government paid when it loaned the debtor money so it could stay in business, because the new company was a going-concern, and not at a value the debtor would have received in a hypothetical liquidation.