3rd Circ. Revives Property Rights Claims In SemCrude Ch. 11

Law360, New York (August 27, 2013, 9:56 PM ET) -- The Third Circuit on Tuesday reanimated a bid for post-bankruptcy property rights by a putative class of crude oil producers led by Luke Oil Co., allowing them to be heard after ruling a Delaware federal judge overstepped his bounds by declaring their action moot.

In a precedential decision, a three-judge panel reversed a decision by U.S. District Court Judge Leonard P. Stark, disagreeing with his decision to permanently stay the oil producers' property rights claims in the 2008 bankruptcy of SemCrude LP because they are equitably moot....
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required