Mortgage deficiency judgment liens were avoided despite 11 USC 522(f)(2)(C), since deficiency judgments do not arise “out of a mortgage foreclosure.”

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Judgment debtor did not have sufficient assets to obtain an appeal bond, and after several efforts to post alternative security, filed an individual chapter 11 case. Judgment creditor moved to dismiss the bankruptcy as a bad faith filing or in the alternative to appoint trustee or convert case. Motion denied following an evidentiary hearing.

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By RANDALL CHASE
Associated Press Writer

WILMINGTON, Del. (AP) - Former Student Finance Corp. chief executive Andrew Yao lost $33,000 in 15 minutes at a Las Vegas blackjack table, a witness in Yao’s bankruptcy fraud trial testified Tuesday.

Yao, whose company was forced into bankruptcy by creditors in 2002, twice stated under oath in a 2003 deposition that he doesn’t gamble.

Yao, 45, of Bryn Mawr, Pa., is charged with two counts of bankruptcy fraud. He is accused of lying in the deposition to an attorney for Royal Indemnity, a company that insured hundreds of millions of dollars in SFC student loans. Among other things, the attorney questioned Yao about three 2001 wire transfers totaling $669,000 from SFC’s bank account to an “A. Karlsen,” and two others totaling $150,000 to Las Vegas casinos.

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