By Aaron Boschee (August 24, 2017, 11:56 AM EDT) -- In its fifth trip to the Seventh Circuit Court of Appeals, the Sentinel Management Group's bankruptcy case recently explored complex issues bankruptcy practitioners often encounter in large Chapter 11 cases with financial services debtors. In a far-ranging opinion, the Seventh Circuit held that the bankruptcy court's oral "clarification" of an earlier order, which had already been reversed on appeal, could not serve to collaterally estop parties under the mandate rule and the law-of-the-case doctrine. The Seventh Circuit also reinforced that (1) assets subject to a statutory trust, in this case under the Commodities Exchange Act, are not property of the estate, (2) tracing principles are applicable to determine whether certain assets are trust assets belonging to specific trust beneficiaries, and (3) beneficiaries of a statutory trust can waive their rights to be treated as such through acquiescence to a reorganization plan....