High Court Won't Touch Appeal Over Oil Co.'s Bankruptcy

Law360, New York (November 28, 2011, 3:53 PM EST) -- The U.S. Supreme Court refused on Monday to consider an appeal brought by former Davis Petroleum Corp. shareholders who claim DPC executives committed fraud when they orchestrated an unnecessary Chapter 11 reorganization and bought the company at a severe discount.

The shareholders, led by the Nancy Sue Davis Trust, wanted the high court to rule on whether the company's Chapter 11 plan barred them from bringing fraud charges even though they never agreed to release the executives from potential claims.

The dispute hinged on a Texas...
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