3rd Circ. Rejects Finova Group Equity Holders' Appeal

Law360, New York (October 22, 2009, 3:00 PM EDT) -- A federal appeals court has affirmed a lower court's decision to allow the Finova Group to not hand over more than $81 million to equity security holders in its bankruptcy, letting the consumer finance company use the money to pay off creditors instead.

A three-judge panel of the U.S. Court of Appeals for the Third Circuit said Wednesday that bankruptcy and district court judges did not err in their findings regarding the distribution of funds in the Finova Group bankruptcy. The judges said in a three-page...
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