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To Vote or Not to Vote: Court Holds That “Out of Money” Junior Creditor Barred from Objecting to Plan Friday, April 23, 2021
On March 31, 2021, the U.S. Bankruptcy Court for the District of Kansas held in
In re Fencepost Productions Inc. that even though an assignment of voting rights provision in a subordination agreement was not enforceable in a bankruptcy proceeding, a subordinated creditor nevertheless was barred from participating in proceedings related to a chapter 11 plan and disclosure statement on the basis that the subordinated creditor lacked prudential standing.
1 On the one hand, the decision calls into question the enforceability in bankruptcy proceedings of voting assignment provisions agreed upon in prepetition contractual agreements, and, on the other, affirms the enforceability of prepetition contractual provisions that may alter the priorities set forth in the Bankruptcy Code. If followed by other courts, the decision raises the possibility that definitively “out of the money” creditors may not have standing to object to or participate in plan confirmation.
KansasUnited-statesFencepost-productions-incUs-bankruptcy-courtLexmark-intl-incCourt-decisionComponents-incJuniorPrudentialJohns-manville-corpFencepost-productionsMy darling wife, of nearly forty years, died on January 25, 2021 at Brookdale North in San Marcos. She was born in Madison, Wisconsin May 20, 1940 to Fred and Fairy Swanson. She is survived by her husband, Donald Ament, her younger brother Ted, of the Dallas area, her three sons by her first husband, Thomas Lewis. They are Ted Lewis, of Billings, MT, Chad Lewis of Newark, OH and Scott Lewis of Canonsburg, PA. There are also the offspring of her brothers and sons: nieces, nephews, grandchildren and great grandchildren.
Nancy retired from the Johns Manville Corp. She worked for them in sales in three different Divisions and four different locations: Newark OH; Houston, TX: Waukegan, IL; Oak Brook, IL. After leaving JM, she became the Office Manager for an automotive dealership. When they moved, it resulted in a 160 mile round trip commute. After several months of that she quit and took a job in a local Realtorâs office. They later told her that she must have an Illinois Realtor License to retain her position (she passed the Exam on the first try). Later a friend asked her if she would come to work for her at her Travel Agency. Nancy became a Travel Agent, (thus the travel lust). She loved Cruises and foreign travel. Her favorite city was Rome, we went there several times. Through group travel, we made friends in many countries. We visited most of Europe, Canada and forty of the states. We also traveled in China, Egypt, Israel, Morocco, Guam and made the Panama Canal trip.
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In the latest chapter of more than a decade of contentious litigation surrounding the 2007 leveraged buyout ("LBO") and ensuing bankruptcy of media conglomerate Tribune Co. ("Tribune"), the U.S. Court of Appeals for the Third Circuit affirmed lower court rulings that Tribune's 2012 chapter 11 plan did not unfairly discriminate against senior noteholders who contended that their distributions were reduced because the plan improperly failed to strictly enforce pre-bankruptcy subordination agreements. In
In re Tribune Co., 972 F.3d 228 (3d Cir. 2020), the Third Circuit held that, according to a plain reading of the relevant provisions of the Bankruptcy Code, a nonconsensual chapter 11 plan that does not strictly enforce a subordination agreement does not necessarily discriminate unfairly against a class of creditors that would otherwise benefit from subordination. In this case, the Third Circuit agreed with the lower courts that the "immaterial" reduction in the senior noteholders' recovery did not rise to the level of unfair discrimination. In reaching this conclusion, the Third Circuit appears to have become the first court of appeals in a published ruling to adopt the "Markell test" for assessing unfair discrimination.
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