Be Careful To Describe Litigation Or It Will Be Lost

Law360 (September 12, 2008, 12:00 AM EDT) -- On Aug. 12, 2008, the Fifth Circuit Court of Appeals decided the case of "United Operating, LLC".[1] The case sets forth the standard for preserving post-confirmation litigation under a plan of reorganization.

In this case, the Fifth Circuit held that post-confirmation litigation must be adequately described in the disclosure statement or the standing to sue is waived. This case is likely to drastically change the way bankruptcy lawyers draft plans of reorganization and disclosure statements in the Fifth Circuit.

Background

Dynasty Oil and Gas LLC ("Dynasty")...
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