In re Firstline Corp.
Jan
25
2007
Ruling
Chapter 11 plan could include reasonable exculpation and indemnity provisions.
Procedural posture
A claimant, the sole holder of equity in a debtor, objected to confirmation of a plan of reorganization proposed by the Official Committee of Unsecured Creditors in a case under chapter 11. At issue was whether clauses exculpating and indemnifying certain persons were improper or otherwise contrary to 11 U.S.C. § 328(a) and whether their presence therein prevented confirmation of the plan.
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Court
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