« Shocked, Shocked | Main | The latest Consumer Bankruptcy Project publication: Medical Bankruptcies »

The 2d Circuit

posted by Stephen Lubben

As you have no doubt have heard by now, and as I had long expected, the 2d Circuit affirmed the bankruptcy court's decision in Chrysler, essentially incorporating the Bankruptcy Judge's opinion by reference.  The courtroom was packed -- at least 300 people in attendance -- and there was notable surprise when the panel announced at the end of argument that they would take a ten minute recess and return.

Clearly this not only helps Chrysler -- assuming the appeal to the Supreme Court is unsuccessful, as I expect it will be -- but also GM, which is following the same basic template.

One of the most interesting parts of the hearing, from my perspective, occurred when the attorney for the Indiana Funds seemed to argue for Lionel to be overturned and for the appellate court to reduce the bankruptcy court's discretion in the area of 363 sales. Although the court clearly did not accept his invitation, that moment was the closest the appellants got to acknowledging just how significantly they needed to change chapter 11 practice if they were to win.

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341cf9b753ef01156fd156f4970c

Listed below are links to weblogs that reference The 2d Circuit:

Comments

The comments to this entry are closed.

Contributors

Current Guests

Follow Us On Twitter

Like Us on Facebook

  • Like Us on Facebook

    By "Liking" us on Facebook, you will receive excerpts of our posts in your Facebook news feed. (If you change your mind, you can undo it later.) Note that this is different than "Liking" our Facebook page, although a "Like" in either place will get you Credit Slips post on your Facebook news feed.

News Feed

Categories

Bankr-L

  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

OTHER STUFF