A Possible Pathway Out Of The Stern V. Marshall Maze

Law360, New York (July 24, 2017, 12:20 PM EDT) -- The U.S. Supreme Court recently granted certiorari in PEM Entities LLC v. Levin, in which it will decide whether federal or a state law should apply when a debt claim held by a debtor's insider is sought to be recharacterized in bankruptcy as a capital contribution and treated as equity. The case raises important questions about the extent to which the commencement of a proceeding under the U.S. Bankruptcy Code can and should affect parties' rights and interests as they exist under nonbankruptcy law. For this reason alone, the impact of PEM Entities is likely to be significant.

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