Interpreting In Re United Operating

Law360, New York (September 8, 2011, 1:05 PM EDT) -- The Fifth Circuit has been presented with two bankruptcy court decisions on how much detail must be contained in a plan to enable a post-petition trustee or reorganized debtor to prosecute claims against third parties which arose before the bankruptcy case was filed.

According to the Fifth Circuit’s decision in In re United Operating,[1] a trustee or reorganized debtor lacks standing to pursue claims against third parties which arose before the bankruptcy case was filed, unless specific and unequivocal retention language is included in the plan....
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