Law360, New York (August 03, 2011, 7:06 PM ET) -- The Ninth Circuit on Wednesday affirmed a ruling that a bankrupt real estate group seeking to subordinate a Lehman Brothers Holdings Inc. unit's claims must obtain relief from Lehman's automatic stay in New York, where its bankruptcy proceedings are being held.
A bankruptcy appellate panel for the Ninth Circuit had ruled that Palmdale Hills Property LLC's bid in a California bankruptcy court to subordinate Lehman Commercial Paper Inc.'s claims was an affirmative action that violated an automatic stay initiated for the financial firm's own bankruptcy proceedings....
Property Group Needs Relief From Lehman Stay: 9th Circ.
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