In re Millennium Multiple Emplr. Welfare Benefit Plan

Ruling: 
Approval of settlement proposing to distribute significant assets to unsecured creditors denied as an impermissible sub rosa plan.
Procedural posture: 
The debtor, which was an employer welfare benefit plan, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The debtor was now, and had been since its filing of the Chapter 11 petition, in possession of its assets and it had been operating as debtor-in- possession. The debtor and the official committee of unsecured creditors filed a joint motion for approval of settlement.
Issue: 
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Commercial case opionion summary, case decided on February 18,2011, LexisNexis #0611-140