Claims Purchasers Beware: Your Vote Might Not Count

Law360, New York (August 23, 2011, 3:27 PM EDT) -- The right to vote to accept or reject a plan of reorganization is one of the key rights given to impaired creditors in the Chapter 11 bankruptcy process. Generally, in Chapter 11 bankruptcy cases, it is up to the collective opinion of impaired creditors to decide whether a plan is acceptable. While the right to vote on a plan is fundamental, not all creditors are entitled to vote their claims. Notably, creditors whose claims are not impaired by a plan, or who will receive no distribution...
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