CORRECTED: Stay Ruling In Excel’s Bankruptcy Case Overturned

Law360, New York (September 7, 2007, 12:00 AM EDT) -- An appeals court has overturned a bankruptcy appellate panel's decision to stay arbitration proceedings involving bankrupt Excel Innovation Inc.'s former CEO, ruling that the debtor’s likelihood of success in reorganization needs to be balanced against the relative hardship of the parties.

In a ruling handed down Friday by a three-judge panel in the U.S. Court of Appeals for the Ninth Circuit, Senior Circuit Judge Alfred T. Goodwin reversed and remanded the case after finding that the bankruptcy court “misapprehended the operative legal standard.”

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