Justices Won't Hear Absolute Priority Dispute In Castleton

Law360, New York (October 7, 2013, 3:47 PM EDT) -- The U.S. Supreme Court on Monday declined to review the Seventh Circuit's decision finding that bankruptcy plans that offer new value from insider investors cannot avoid the absolute priority rule that entitles creditors to full payment before equity investors can receive anything.

The high court’s refusal to hear Castleton Plaza LP’s challenge to the appellate court’s February ruling in its case against EL-SNPR Notes Holdings LLC is a win for creditors and a blow to bankrupt entities with insiders that want to hold onto their business...
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