________ is a pre-trial negotiation between plaintiff and de…
Questions
________ is а pre-triаl negоtiаtiоn between plaintiff and defendant which оften results in an admission of guilt and an agreement to pay some monetary damages in a civil case.
Tech-Burner, Inc. (“TBI”) is аn Indiаnаpоlis-based manufacturer оf burner systems and heating cоils used in residential and commercial installations. TBI was founded in 1930 by Curtis Burns, using his patented inventions. TBI is led today by two of Burns’ grandchildren; they and other members of the extended family still own a controlling interest in the closely-held company, although there are other non-family shareholders. Bob Burns serves as President and CEO. Ruth Burns, Bob’s cousin, holds the position of Vice President and Chief Financial Officer. Upon his death in 1990, the will of Curtis Burns established a testamentary trust to provide for the general education needs of under-privileged children in Indianapolis. Bob and Ruth Burns serve as trustees of the Burns Family Trust. The trust currently holds assets of $43 million. Today, TBI filed bankruptcy and YOU have been appointed by the U.S. Bankruptcy Court to serve as the trustee in the bankruptcy proceedings. Assume this is a liquidation case. Your overall job is to marshal the assets of TBI, identify claims owed by TBI and distribute remaining funds to creditors and remainder owners. In this FINAL EXAM, your task is to review the facts presented in the Questions below. For EACH question: Identify any potential claim to make for TBI against other party/ies. Explain the legal basis of the claim and give an approximate value. AND Identify any potential claim against TBI by other party/ies. Explain the legal basis of the claim and give an approximate value. AND Identify whether each claim is secured or unsecured. AND Explain steps the Trustee should take to respond to the facts in the question.