Granting Third-Party Releases Under Chapter 15

Law360, New York (March 29, 2010, 1:40 PM EDT) -- In a recent decision by the Bankruptcy Court for the Southern District of New York, Judge Martin Glenn addressed whether the standards governing releases of nondebtor third parties under Chapter 11 of the Bankruptcy Code[1] apply equally to an ancillary proceeding under Chapter 15 of the Bankruptcy Code.[2] See In re Metcalfe & Mansfield Alternative Investments, 2010 WL 20603 (Bankr. S.D.N.Y. Jan. 5, 2010) (hereinafter, “M&M”).

Interestingly, the court held that such determination had to be made under the doctrine of comity rather than the rules...
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