Supreme Court Takes Up Ch. 11 Nonstatutory Insider Dispute

Law360, New York (March 27, 2017, 5:11 PM EDT) -- The U.S. Supreme Court agreed Monday to hear an appeal concerning the Ninth Circuit's standard for determining whether a Chapter 11 creditor qualifies as a "nonstatutory insider," in a case where an intercompany claim against a bankrupt real estate owner was sold to an insider's friend.

U.S. Bank NA now has the chance to argue that the appeals court had broken from the appropriate standard of review applied by several sister circuits in determining whether a creditor is too close to a "statutory insider" of a debtor to be deemed a noninsider. In bankruptcy cases involving a corporation, an "insider" is...

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