2nd Circ. Partly Nixes DBSD Plan In Win For Sprint

Law360, New York (December 7, 2010, 6:56 PM EST) -- DBSD North America Inc.'s Chapter 11 reorganization plan violates the absolute priority rule, which gives creditors priority over other parties, a federal appeals court has ruled in a victory for unsecured creditor Sprint Nextel Corp.

The U.S. Court of Appeals for the Second Circuit partly reversed a lower court's decision to uphold the Chapter 11 plan Monday in a two-page order issued by a three-judge panel, from which Judge Rosemary S. Pooler dissented with regard to Sprint.

Judges Reena Raggi and Gerard E. Lynch did not...
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