Law360, New York (March 05, 2012, 12:35 PM ET) -- In a Sept. 7, 2010, article, the Wall Street Journal reported an uptick in bankruptcy claim activity by traders and the desire of the traders to not comply with certain bankruptcy disclosure requirements that applied to “committees.”
The Journal highlighted one case in which Bankruptcy Judge Brendan Shannon of the Delaware District Court held the following exchange with a lawyer for certain bondholders: “‘Are you a committee?’ The lawyer began to answer, ‘Well, actually, Your Honor, we are a group of —’. Interrupting, Judge Shannon said...
A Recap Of Bankruptcy Rule 2019
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