Panasonic Loses Top Status For $9M Circuit City Claim

Law360, New York (April 9, 2010, 1:37 PM EDT) -- A judge has thrown out Panasonic Corp. of North America’s $9.3 million administrative claim in the bankruptcy of Circuit City Stores Inc., finding that the electronics maker is ineligible for the high-priority status available to certain vendors because of the terms of a consignment agreement.

Judge Kevin R. Huennekens issued an opinion Thursday in the U.S. Bankruptcy Court for the Eastern District of Virginia saying Panasonic did not meet a deadline imposed under Section 503(b)(9) of the Bankruptcy Code, which allows vendors to make administrative claims...
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