Be Careful What You Wish For, You Just Might GIT It

Law360, New York (June 7, 2011, 3:38 PM EDT) -- The Third Circuit recently reached a sharply divided en banc decision concerning insurer standing to object to a debtor-policyholder’s bankruptcy plan in In re Global Industrial Technologies Inc., No. 08-3650 (3d Cir. May 4, 2011) (“GIT”). Some insurers have portrayed GIT as a major reversal in the law recognizing limited insurer standing to object to policyholder bankruptcy plans. Upon analysis, however, GIT is a narrow ruling that is unlikely to be followed outside the Third Circuit. Indeed, courts outside of the Third Circuit may find that...
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