Official Committee of Unsecured Creditors v. U.S. Dept of the Treasury (In re Motors Liquidation Co.)
Nov
28
2011
Ruling
Debtor in possession had no right to proceeds of term loan action brought by creditors' committee.
Procedural posture
In this adversary proceeding under the umbrella of a chapter 11 case, Creditors' Committee sought a declaratory judgment providing that defendant Debtor-in-Possession (DIP) lenders in this case had no right to any proceeds that could result from a very major avoidance action (the Term Loan Action) that the Creditors' Committee brought on behalf of the debtor's old estate.
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Court
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