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Dish Network V. DBSD And Recovery Gifts

Law360 (February 11, 2011, 2:43 PM EST) -- In a new decision, Dish Network Corp. v. DBSD North America Inc. et al., __ F.3d __, 2011 WL 350480 (2d Cir. 2011), the Second Circuit Court of Appeals held that the bankruptcy court erred in confirming a plan under which secured creditors “gifted” a portion of their recoveries to equity holders over the objection of a creditor that was part of a dissenting intermediate debt class that was not being paid in full under the plan.

This decision resolves a question concerning the absolute priority...
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