No Binding Settlement In Tri-State Bankruptcy: 8th Circ.

Law360, New York (February 17, 2010, 4:31 PM EST) -- A federal appeals court has overturned a lower court's validation of an agreement Tri-State Financial LLC made during its bankruptcy proceedings to pay American Prairie Construction Co. $2.5 million in exchange for its claims and interests in Tri-State's defunct ethanol plant.

A three-judge panel of the U.S. Court of Appeals for the Eight Circuit on Tuesday issued an order invalidating the June 2004 agreement, ruling that under South Dakota law, the parties did not form a binding contract because the sides never had a “meeting of...
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