Idearc Investors Can't Block Ch. 11 Plan: 5th Circ.

Law360, New York (November 2, 2011, 6:07 PM EDT) -- The Fifth Circuit on Tuesday affirmed a Texas federal court's decision denying an appeal of a bankruptcy court's confirmation of the plan for Verizon Communications Inc. spinoff Idearc Inc., calling the shareholders' appeal moot because the reorganization is already under way.

In a revised opinion that replaced a previous ruling, the Fifth Circuit affirmed the dismissal of the appeal from the Spencer Ad Hoc Equity Committee — a group of prebankruptcy shareholders who claim their ownership in the reorganized corporation, SuperMedia Inc., was canceled by the...
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