- 11 U.S.C.
In re Lindsey
Aug
05
2011
Ruling
Confirmation denied due to violation of the absolute priority rule.
Procedural posture
Creditor banks filed objections, asserting that debtor in possession's first amended plan of reorganization could not be confirmed as a matter of law because it allowed the debtor to retain pre-petition property in violation of the absolute priority rule of 11 U.S.C.S. § 1129(b)(2)(B)(ii). The creditors moved for summary judgment.
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Court
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