Smithfield Decision Raises Concerns For NAESB

Law360, New York (October 11, 2007, 12:00 AM EDT) -- The decision of the U.S. Bankruptcy Court in Hutson v. Smithfield Packing Co. (In re National Gas Distributors, LLC) poses potentially serious problems for parties trading gas under the North American Energy Standards Board (NAESB) base contract.

The U.S. Court of Appeals for the Fourth Circuit will soon review this case of first impression about what constitutes a “swap agreement” under the expanded definition included in the U.S. Bankruptcy Code after the 2005 amendments.

That ruling could affect market participants trading gas and other physical commodities,...
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