The 2nd Circ. Stance On DBSD

Law360, New York (October 26, 2010, 12:00 PM EDT) -- The Chapter 11 case of DBSD North America Inc., f/k/a ICO North America, has been marked by aggressive tactics and extreme positions from its commencement.

DBSD, a nonoperating satellite communications company, and its second-lien noteholders made clear their intent to cram down a plan of reorganization (the plan) on DBSD’s first-lien lenders. A competitor of DBSD bought the first-lien debt and then found itself sanctioned for seeking to use its acquired position to effect a takeover of DBSD.

The competitor appealed the plan confirmation order, and...
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