7th Circ. Says Nonbidder Can't Challenge Ethanol Plant Sale
By Jeff Sistrunk
Law360, Los Angeles (January 16, 2014, 9:49 PM ET) -- The Seventh Circuit on Wednesday affirmed the confirmation of bankrupt New Energy Corp.'s sale of its Indiana ethanol plant to a joint venture, ruling that a company claiming the joint venture's establishment amounted to unlawful collusion had no standing to sue.
A three-judge panel agreed with a lower court that Natural Chem Holdings LLC couldn't challenge the plant's sale to a joint venture because Natural Chem didn't participate in the auction and therefore couldn't have been harmed.
"[Natural Chem] was not going to prevail no matter...