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New Cases For the Week of September 22, 2008 - September 26, 2008
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Click here to search prior New Opinion summaries.
| September 25, 2008 |
Case |
Court |
Holding |
In re: Adelphia Comm. Corp.
(DBN Subscription Required) |
2nd Cir. |
A court may withdraw a committee's derivative standing and transfer the management of its claims, even in the absence of that committee's consent, if the court concludes that such a transfer is in the best interests of the bankruptcy estate. |
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| September 22, 2008 |
Case |
Court |
Holding |
Street v. End of the Road Trust
(DBN Subscription Required) |
Bankr. DE |
Indemnification of officers and directors is a separate concept and right from advancement of legal expenses pending adjudication. Simple indemnification does not include a right to advancement.
Where a Court-approved disclosure statement simply referred to a right of "indemnification" for the post-confirmation trustee, and the Court approved employment of the trustee on that stated basis, a post-confirmation employment agreement which purported to establish a right to mandatory advancement of legal expenses was void. |
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