In Re: IIG Global Trade Finance Fund Ltd.

Background

San Agustin Energy Corp. appealed a bankruptcy court judgment favoring IIG Global Trade Finance Fund Ltd. and IIG Structured Trade Finance Fund Ltd. The appeal was filed in case number 23-cv-4350, and San Agustin filed its opening brief on July 17, 2023. The appellees’ brief was due August 16, 2023.

San Agustin later appealed an amended bankruptcy-court judgment in case number 23-cv-6611. The court accepted that case as related to the first appeal. San Agustin then asked to consolidate, or combine, the two actions. The appellees consented.

Court’s analysis

The court applied Bankruptcy Rule 1015, which permits consolidation when cases concern the same debtor and are pending in the same court. It also considered fairness and efficient use of judicial resources. The court found that the two actions shared sufficiently common legal and factual questions because they involved the same parties and facts. Consolidation would prevent needless duplication and conserve judicial resources.

The court also found little or no risk of prejudice. The appellees did not oppose consolidation, and the briefing deadline had not passed, allowing the court to place both appeals on the same schedule.

Ruling

Judge Edgardo Ramos granted San Agustin’s request to consolidate the actions. The court directed that all future filings be made in In Re: IIG Global Trade Finance Fund Ltd., case number 23-cv-4350. The order addressed case management and did not decide the merits of the bankruptcy appeals.