Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

In re Heyl

United States Bankruptcy Appellate Panel For the Eighth Circuit

December 12, 2013

In re: Richard Michael Heyl; Jennifer Heyl, Debtors;
v.
Richard Michael Heyl, Defendant - Appellee Steve Conway, Plaintiff-Appellant, LorCon LLC #1, Plaintiff

Submitted October 24, 2013.

Page 338

Appeal from United States Bankruptcy Court for the Eastern District of Missouri - St. Louis.

Steve Conway, Plaintiff - Appellant, Pro se, Washington, MO.

For Richard Michael Heyl, Defendant - Appellee: Spencer P. Desai, Robert Emil Eggmann, Thomas H. Riske, DESAI & EGGMANN, Saint Louis, MO.

Before KRESSEL, SALADINO, and NAIL, Bankruptcy Judges.

OPINION

Page 339

NAIL, Bankruptcy Judge.

Steve Conway appeals the April 8, 2013 order of the bankruptcy court[1] denying a motion for relief from judgment under Fed.R.Bankr.P. 9024 and Fed.R.Civ.P. 60. Because Conway lacks standing to appeal the bankruptcy court's order, we dismiss this appeal.

BACKGROUND

LorCon LLC #1 (" LorCon" ) invested in Heyl Partners Station Plaza (" Heyl Partners" ) and Johns Folly Ocean Villas, LLC (" Johns Folly" ), two real estate development ventures Debtor Richard Michael Heyl had promoted to Steve Conway, a principal of LorCon. In early 2007, when Heyl Partners ran into severe financial difficulties, Debtor presented LorCon with the option of transferring its interest from Heyl Partners to either Johns Folly or Madaford Gardens, LLC, or turning its investment into a loan to be paid back over time.[2] LorCon opted to transfer its Heyl Partners investment into an additional investment in Johns Folly, with the transfer back-dated to the first of the year. Attendant to this deal, Debtor also promised to assign six months of a 20% member's passive loss in 2007 from Heyl Partners to Conway and his wife personally, and he guaranteed to buy back, between January 2010 and May 2010, LorCon's investment in Johns Folly, including subsequent capital calls. The value of LorCon's transfer of its investment from Heyl Partners to Johns Folly was negotiated in large part based on Debtor's representations concerning an asserted recent investment in Johns Folly by an apparent insider, Mary Beth Kinsella.

After the 2007 transfer of its interest from Heyl Partners to Johns Folly, LorCon also fulfilled two large capital calls by Johns Folly, further increasing its investment. Ultimately, the Johns Folly venture also failed.

After Debtor filed for relief under chapter 7 of the bankruptcy code, LorCon filed a proof of claim for $61,500 for its 2007 investment in Johns Folly and $18,000 for the two subsequent capital calls by Johns Folly, for a total claim of $79,500. LorCon and Conway ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.