In re DBSD N. Am. Inc.
Dec
21
2009
Ruling
Votes of creditor that purchased debtor's first lien debt in order to acquire primary asset designated and disqualified.
Procedural posture
The debtors, a development-stage enterprise formed to develop an integrated mobile satellite and terrestrial services network, moved, pursuant to 11 U.S.C.S. § 1126(e), to designate and disqualify the votes of a competing creditor, which had just purchased and was the sole holder of debt in the first lien debt class. The creditor's votes rejected the debtors' reorganization plan before the court for confirmation.
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Court
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