United States First Circuit

Bankruptcy Appellate Panel decision subjecting defendant-appellant to over $3 million in liability for retaining loan payments in breach of trust is affirmed where: 1) the unambiguous language of the subordination agreement in question covered loans made after the execution of the agreement; 2) defendant cannot support an argument for equitable estoppel without a showing that he was induced to rely on plaintiff's representations; and 3) defendant waived his argument that the bankruptcy court's award did not accurately reflect expectation damages.

Appellate Information

• Decided 01/17/2007
• Published 01/17/2007

Judges

• SMITH, District Judge., Before SELYA and HOWARD, Circuit Judges, and SMITH, District Judge.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Daniel E. Rosenfeld, with whom Kirkpatrick & Lockhart LLP was on brief, for appellants.


• For Appellees:
  
• W. Steven Paleos, with whom Carmen D. Conde, Sarit Zeevi, and C. Conde & Assoc. were on brief, for appellee.