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A Valuable Precedent On Bankruptcy Vote Designation

Law360 (June 11, 2018, 5:13 PM EDT) -- On June 4, 2018, the U.S. Court of Appeals for the Ninth Circuit issued a decision reversing a lower court’s order that designated (i.e., disregarded) the vote of a secured bank creditor that had purchased claims from a subset of unsecured creditors for the admitted purpose of blocking confirmation of the debtor’s plan of reorganization.[1]

The decision represents one of very few circuit-level decisions that touch on the issue of vote designation under Section 1126(e) of the U.S. Bankruptcy Code, and the severest limit to date...
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