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IN RE ALTERNATE FUELS, INC.

BAP No. KS-12-110. Bankruptcy No. 09-20173. Adversary No. 11-06026.

507 B.R. 324 (2014)

In re ALTERNATE FUELS, INC., Debtor. Christopher John Redmond, Chapter 11 Trustee, Plaintiff-Appellee, v. Cimarron Energy Company LLC, Defendant, and William Karl Jenkins, also known as W.K. Jenkins, doing business as Green Acres Farm, and M. Earlene Jenkins, doing business as Green Acres Farms, Defendants-Third-Party Plaintiffs-Appellants, v. Larry Pommier and Michael Christie, Third-Party Defendants.

United States Bankruptcy Appellate Panel of the Tenth Circuit.

Filed March 18, 2014.

Attorney(s) appearing for the Case

Jonathan Sternberg of Jonathan Sternberg, Attorney, P.C., Kansas City, MO ( William M. Quitmeier and Kelly D. Malm of The Quitmeier Law Firm, Kansas City, MO, with him on the brief), for Defendants-Third-Party-Plaintiffs-Appellants.

P. Glen Smith (Christopher J. Redmond, pro se, with him on the brief) of Husch Blackwell LLP, Kansas City, MO, for Plaintiff-Appellee.

Before THURMAN, Chief Judge, CORNISH, and MOSIER, Bankruptcy Judges.

MOSIER, Bankruptcy Judge.

Recharacterization is an equitable remedy that allows courts to ignore a party's characterization of a transaction and, instead, give effect to the transaction's actual substance. In bankruptcy cases, under certain circumstances, a transaction labeled as a loan may be recharacterized as an equity investment. In this case, William Karl Jenkins (Jenkins) and his wife Earlene Jenkins appeal the bankruptcy court's determination that funds they...

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