Vantage Drilling Shares Aren't TMT Property, 5th Circ. Says

Law360, Los Angeles (September 4, 2014, 6:15 PM EDT) -- The Fifth Circuit ruled Thursday that a Texas district court and bankruptcy court improperly interfered with Vantage Drilling Co.'s state lawsuit against the owner of bankrupt TMT Group by ordering that Vantage shares be placed into court custody, finding neither court had jurisdiction because the shares aren't property of the debtors' estate.

A three-judge appellate panel vacated a slew of orders issued by the district and bankruptcy courts that resulted in the placement of millions of Vantage shares "in custodia legis," saying the courts erred in entering the orders because they lacked jurisdiction over both the shares and Vantage's suit against...

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