Inside NY's Departure From In Re Loop

Law360, New York (December 11, 2012, 4:08 PM EST) -- Several months ago, we blogged about In re Loop, a decision from the Ninth Circuit BAP, Wells Fargo Bank NA v. Loop 76 LLC (In re Loop 76 LLC), 465 B.R. 525 (B.A.P. 9th Cir. 2012), where the court held that a bankruptcy court may “consider the existence of a third-party source for payment, including a guarantor” when determining whether unsecured claims are substantially similar for purposes of plan classification.

In a recent decision by the United States Bankruptcy Court for the Eastern District of New...
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