5th Circ. Tosses ATP Ch. 7 Trustee's Excessive-Payout Claims

Law360, New York (October 27, 2017, 9:28 PM EDT) -- The Fifth Circuit on Friday dismissed claims by ATP Oil & Gas Corp.'s Chapter 7 trustee that the company's senior management handed out excessive dividends and executive bonuses prior to the company's bankruptcy, saying the trustee had not provided any specifics to back his claims.

In an unpublished opinion, the three-judge panel affirmed a district court ruling that the trustee had failed to show exactly how ATP was harmed by the dividend payments or provide a basis for claiming the bonus payments were excessive or unjustified.

"The trustee does not explain how ATP's compensation was excessive in comparison to other similarly...

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