Published On: October 14th, 2012 | Author: Perry Law, P.C. | Category: Bankruptcy Creditors' Rights
The 3rd Circuit recently held in In re Am. Capital Equip., LLC, 688 F.3d 145 (3d Cir. 2012) that a bankruptcy court has the authority to hold a Chapter 11 plan is unconfirmable at the disclosure statement stage (as opposed to holding a confirmation hearing) if the plan is patently unconfirmable. In the instant case, the plan was patently unconfirmable where the plan’s sole source of funding was from speculative litigation proceeds.
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