3rd Circ. Upholds Oil Co. Investor's Ch. 11 Recovery Denial

Law360 (January 6, 2021, 8:30 PM EST) -- The Third Circuit on Wednesday rejected as "equitably moot" a noteholder's appeal for a payout from an already confirmed plan for a bankrupt oilfield environmental company, after finding that the only options would either scramble the plan or treat other creditors in the same class unfairly.

U.S. Circuit Judge Kent A. Jordan, writing for a partly divided three-judge panel in a nonprecedential decision, found that an individual $450,000 payout to Nuverra Environmental Solutions Inc. investor David Hargreaves — but not others in the same, $40.5 million class of unsecured noteholders — would be barred under Nuverra's plan, confirmed in July 2017....

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