On Second Thought: EFH Court's Extraordinary Move

Law360, New York (October 18, 2017, 3:42 PM EDT) -- In an extraordinary move, on Oct. 3, 2017, the U.S. Bankruptcy Court for the District of Delaware granted a motion to reconsider a decision it made over a year ago in the bankruptcy of Energy Future Holdings Corp. and its co-debtors (“debtors”) and in doing so disallowed a $275 million breakup fee to a prospective asset purchaser that it had previously approved.[1] The court found that it had made errors of both fact and law requiring it to overturn its previous decision. The decision is consequential because it effectively denied promised compensation to a prospective buyer that had invested “tens of...

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