US Trustee Asks Court To Reject Emerge Liability Releases
Law360 (October 18, 2019, 8:17 PM EDT) -- The U.S. Trustee's Office has objected to the litigation releases in bankrupt fracking sand miner Emerge Energy Services LP's plan for Chapter 11, saying they release an excessively-broad range of parties without the affirmative consent of creditors.
Under the plan Emerge's shareholders and unsecured creditors would lose their rights to sue parties with no fiduciary stake in the company for simply failing to return a ballot or form, U.S. Trustee Andrew Vara said in an objection filed Thursday.
"Requiring affirmative consent for the public shareholders in these cases is especially important because the shareholders are not receiving any distribution under the...
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