High Court Won't Take Up Idearc Investors' Ch. 11 Dispute

Law360, New York (February 21, 2012, 3:14 PM EST) -- The U.S. Supreme Court on Tuesday declined to hear a group of investors' challenge to a bankruptcy court's confirmation of Verizon Communications Inc. spinoff Idearc Inc.'s reorganization plan, which they claim deprived them of their rightful ownership in the reorganized company.

The high court denied the certiorari petition of the Spencer Ad Hoc Equity Committee, a group of prebankruptcy shareholders who contend their ownership in the reorganized corporation SuperMedia Inc. was unlawfully canceled by the Chapter 11 plan.

In November, the Fifth Circuit affirmed the case's...
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