A Closer Look At In Re National Gas Distributors

Law360, New York (March 18, 2009, 12:00 AM EDT) -- On Feb. 11, 2009, the U.S. Court of Appeals for the Fourth Circuit issued its opinion in Hutson v. E.I. Dupont de Nemours and Co. (In re National Gas Distributors), attempting, in a matter of first impression, to define "commodity forward agreement" for purposes of eligibility for protection under the safe harbor provisions of the Bankruptcy Code.

At first blush, this decision appears to provide the additional certainty that participants in the commodities markets require. Parameters set forth in the opinion, however, may exclude a number...
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