Calpine's Shareholders Denied Request For Stay

Law360, New York (October 4, 2007, 12:00 AM EDT) -- A federal judge has shot down an attempt by Calpine Corp.'s shareholders committee to stay the company's bankruptcy proceedings until after the committee appeals the approval of the energy company's disclosure statement.

In an opinion issued Thursday, Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York said the shareholders had not met the burden for a stay, and that the balance of harm favored Calpine.

“A delay of the confirmation process may seriously jeopardize the debtors’ ability to emerge...
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