5th Circ. Revives Mirant Suit To Recover Loan Payments

Law360, New York (March 21, 2012, 8:52 PM EDT) -- The Fifth Circuit revived a suit Tuesday tied to Mirant Corp.'s bankruptcy seeking to recover funds the energy company paid to Commerzbank AG, saying a Texas federal court erroneously dismissed the suit under Georgia law when New York law actually applied.

A three-judge panel said that while both states had ties to the suit seeking to recover allegedly fraudulent transfers made to the German bank and other lenders under a loan guarantee relating to a financing deal for a Mirant subsidiary's purchase of generating equipment, policy...
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