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NCLT MEMORANDUM FILED IN DEC 2012 IN THE CASE OF GALOPE V NEW CENTURY MORTGAGE IN ITS BANKRUPTCY

NCLT MEMORANDUM FILED IN DEC 2012 IN THE CASE OF GALOPE V NEW CENTURY MORTGAGE IN ITS BANKRUPTCY

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Published by 83jjmack

SEE RESPONSE AND MOTION TO RECUSE FILED BY GALOPE IN DEC 2012. THIS IS THE MEMORANDUM SHE IS RESPONDING TO.

NEW CENTURY MORTGAGE FILED BANKRUPTCY ON 4-2-2007 AND AS THE END OF DEC 2012, THEY ARE STILL IN BANKRUPTCY IN DELAWARE BUT NOW CALLED NEW CENTURY LIQUIDATING TRUST. ALAN JACOBS IS THE APPOINTED BANKRUPTCY TRUSTEE. HE HAS RETAINED A FIRM IN NYC TO REPRESENT HIM - THE FIRM IS HAHN & HESSEN.

THE DEBTOR ATTORNEYS ARE BLANK ROME, LLP IN WILMINGTON. ALAN ROOT AND DAVID CARICKHOFF ARE THE ATTORNEYS REPRESENTING THE DEBTOR.

SEE RESPONSE AND MOTION TO RECUSE FILED BY GALOPE IN DEC 2012. THIS IS THE MEMORANDUM SHE IS RESPONDING TO.

NEW CENTURY MORTGAGE FILED BANKRUPTCY ON 4-2-2007 AND AS THE END OF DEC 2012, THEY ARE STILL IN BANKRUPTCY IN DELAWARE BUT NOW CALLED NEW CENTURY LIQUIDATING TRUST. ALAN JACOBS IS THE APPOINTED BANKRUPTCY TRUSTEE. HE HAS RETAINED A FIRM IN NYC TO REPRESENT HIM - THE FIRM IS HAHN & HESSEN.

THE DEBTOR ATTORNEYS ARE BLANK ROME, LLP IN WILMINGTON. ALAN ROOT AND DAVID CARICKHOFF ARE THE ATTORNEYS REPRESENTING THE DEBTOR.

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Published by: 83jjmack on Dec 30, 2012
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130566.01600/40204649v.1
 
IN THE UNITED STATES BANKRUPTCY COURTFOR THE DISTRICT OF DELAWARE
----------------------------------------------------------------------xIn re:NEW CENTURY TRS HOLDINGS, INC., a DelawareCorporation,
et al
.,
1
 Debtors.----------------------------------------------------------------------xHELEN GALOPE,Plaintiff,- against -NEW CENTURY MORTGAGE CORPORATION, NEWCENTURY TRS HOLDINGS, INC., NC CAPITALCORPORATION, A CALIFORNIA CORPORATION,AND ITS AFFILIATES,
et al
.,Defendants.----------------------------------------------------------------------xChapter 11Case No. 07-10416 (KJC)(Jointly Administered)Adv. Proc. No. 12-51000 (KJC)
Re: D.I. 1 & 3MEMORANDUM OF LAW IN SUPPORT OF THE NEW CENTURYLIQUIDATING TRUST’S MOTION TO DISMISSADVERSARY PROCEEDING COMPLAINT
Dated: December 19, 2012BLANK ROME LLPDavid W. Carickhoff (No. 3715)Alan M. Root (No. 5427)1201 Market Street, Suite 800Wilmington, DE 19801Telephone: (302) 425-6400Facsimile: (302) 425-6464HAHN & HESSEN LLPMark S. Indelicato, Esq.Edward L. Schnitzer, Esq.Christopher J. Hunker, Esq.488 Madison AvenueNew York, NY 10022Telephone: (212) 478-7200Facsimile: (212) 478-7400Co-Counsel for the Trustee
 
1
 
The Debtors are the following entities: New Century Financial Corporation (f/k/a New CenturyREIT, Inc.) (“NCFC”); New Century TRS Holdings, Inc. (f/k/a New Century FinancialCorporation); New Century Mortgage Corporation (f/k/a JBE Mortgage) (“NCMC”); NCCapital Corporation; Home123 Corporation (f/k/a The Anyloan Corporation, 1800anyloan.com,Anyloan.com); New Century Credit Corporation (f/k/a Worth Funding Incorporated); NC AssetHolding, L.P. (f/k/a NC Residual II Corporation); NC Residual III Corporation; NC ResidualIV Corporation; New Century R.E.O. Corp.; New Century R.E.O. II Corp.; New CenturyR.E.O. III Corp.; New Century Mortgage Ventures, LLC (d/b/a Summit Resort Lending, TotalMortgage Resource, Select Mortgage Group, Monticello Mortgage Services, Ad Astra Mortgage,Midwest Home Mortgage, TRATS Financial Services, Elite Financial Services, BuyersAdvantage Mortgage); NC Deltex, LLC; NCoral, L.P.; and New Century WarehouseCorporation.
 
 
130566.01600/40204649v.1
 
TABLE OF CONTENTS
PageINTRODUCTION
...................................................................................................
1
 
SUMMARY OF THE ARGUMENT ..................................................................................1
 
GENERAL BACKGROUND ..............................................................................................2
 
The Debtors’ Bankruptcy .........................................................................................2
 
PERTINENT BACKGROUND ..........................................................................................4
 
The Galope Loan ......................................................................................................4
 
The Galope Claim ....................................................................................................4
 
The Galope Evidentiary Hearing .............................................................................5
 
The Galope Decision ................................................................................................5
 
The First Adversary Proceeding ..............................................................................7
 
The Second Adversary Proceeding ..........................................................................8
 
ARGUMENT .......................................................................................................................9
 
Galope Has Failed to Allege an Entitlement to Relief Because GalopeReceived Proper Notice of the Bar Date, and the Claims Asserted in theSecond Complaint Are Time-Barred .......................................................................9
 
CONCLUSION ..................................................................................................................12
 
 
 
130566.01600/40204649v.1
 
TABLE OF AUTHORITIESPage(s)F
EDERAL
C
ASES
 
Ellsworth Corp. v. Kneis (In re Kneis),No. 08-18014 (DHS), 2009 Bankr. LEXIS 1564 (Bankr. D.N.J. June 15,2009) ........................................................................................................................................10Grauman v. Smith (In re U.S. Physicians, Inc.),No. 98-34011 (DAS), 2000 Bankr. LEXIS 917 (Bankr. E.D. Pa. Aug. 9, 2000) ................9, 12Hanna v. U.S. Veterans' Admin. Hosp.,514 F.2d 1092 (3d Cir. 1975)...................................................................................................10In re New Century TRS Holdings, Inc.,465 B.R. 38 (Bankr. D. Del. 2012) ................................................................................6, 10, 11Kaiser Group Holdings, Inc. v. Squire Sanders & Dempsey LLP (In re KaiserGroup International, Inc.),No. 00-02263 (MFW), 2010 Bankr. LEXIS 2505 (Bankr. D. Del. Aug. 17,2010) ..........................................................................................................................................9Robert Christopher Associates v. Franklin Realty Group, Inc. (In re FRG, Inc.),121 B.R. 710 (Bankr. E.D. Pa. 1990) ..................................................................................9, 12Winstar Holdings, LLC v. The Blackstone Group, LP (In re WinstarCommunications Inc.),435 B.R. 33 (Bankr. D. Del. 2010) ..........................................................................................10Wright v. Owens Corning,679 F.3d 101 (3d Cir. 2012).............................................................................................6, 7, 11
F
EDERAL
S
TATUTES
 
11 U.S.C. § 502(b) ...........................................................................................................................4
R
ULES
 
Fed. R. Bankr. P. 7012 .....................................................................................................................1Fed R. Civ. P. 12(b)(6)...............................................................................................................1, 12

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