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New Cases For the Week of February 9, 2009 - February 13, 2009
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Click here to search prior New Opinion summaries.
| February 12, 2009 |
Case |
Court |
Holding |
National Gas Distributors, LLC v. E.I. du Pont
(DBN Subscription Required) |
4th Cir. |
In claim brought by plaintiff-national gas distributor against defendants-three of plaintiff's customers to avoid numerous natural gas supply contracts entered into with the customers during the year before plaintiff's bankruptcy petition was filed, judgment in favor plaintiff is reversed and remanded where: 1) the grounds given by the bankruptcy court in finding that the contracts at issue were not swap agreements were not supported by the definition of "swap agreement" in 11 U.S.C. section 101(53B); 2) the bankruptcy court construed "commodity forward agreements" too narrowly; and 3) in defining a "commodity forward agreement", bankruptcy court is precluded from requiring that contract be traded in a market or on an exchange or that it not involve physical delivery of the commodity. |
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| February 9, 2009 |
Case |
Court |
Holding |
In re Northwest Airlines Corp.
(DBN Subscription Required) |
Bankr. S.D.N.Y. |
Although analysis and advice are critical to the success of any major restructuring, it
does not necessarily follow, however, that such tasks command a $3.25 million “completion fee”
where the professional has already been well compensated at a blended rate of $876/hour. |
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