Oil Co. Investors Ask High Court To Chuck Ch. 11 Ruling

Law360, New York (October 28, 2011, 7:25 PM EDT) -- Former Davis Petroleum Corp. shareholders earlier this month asked the U.S. Supreme Court to review a Fifth Circuit judgment that a court decree barring the investors from bringing fraud claims over DPC executives' purchase of the company trumps its Chapter 11 reorganization plan.

The matter stems from a Texas bankruptcy court's Chapter 11 reorganization plan confirmation order that included a clause barring the Nancy Sue Davis Trust from bringing fraud claims against DPC and its executives despite the fact that the Chapter 11 plan agreed to...
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