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Jevic and the Supremes

posted by Stephen Lubben

My own conflicted thoughts on Jevic, over at Dealb%k.

Comments

It would be interesting if you had a larger discussion of this issue here. I was surprised to read that this was done outside of a bankruptcy plan. Most of the news articles fail to mention this. Does anyone know why a plan was not proposed?

John - expense/administrative insolvency tends to be the argument for doing this outside of a plan.

I'm hard pressed to see why this should be permitted. The settling parties are contracting away a nonparty's rights. Come again? If this is OK, it's time to fess up and admit that Chapter 11 is nothing but a method for players to shaft nonplayers who are annoying them.

The answer should be simple. If chapter 11 won't work as written, get out of chapter 11. The answer isn't for a few privileged parties (and their professionals) and the court to rewrite chapter 11 to suit the facts of the case and to reach the desired outcome.

Totally agree. The truck drivers could have, and should have, moved to convert for cause under 1112(b)(4)(A) once things started to look ugly.

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