LexisNexis
Overview: Because Chapter 11 debtors were proceeding to sell assets free and clear
under 11 U.S.C.S. § 1129(b)(2)(A)(iii), secured lenders had no right to credit
bid at the auction sale of the collateral; thus, the district court's reversal
of the bankruptcy court's holding that the lenders had to be allowed to credit
bid was affirmed.
Counsel: For BANK OF NEW YORK TRUST COMPANY
NA, as Indenture Trustee for the Timber Notes, Appellant: Oscar Rey Rodriguez,
Toby L. Gerber, Fulbright & Jaworski, L.L.P., Dallas, TX; R Andrew Black,
Zack A. Clement, Fulbright & Jaworski, L.L.P., Houston, TX; Roy Theodore
Englert, Jr., Robbins, Russell, Englert, Orsek & Untereiner, Washington,
DC.
For ANGELO
GORDON & CO LP, AURELIUS CAPITAL MANAGEMENT LP, AND DAVIDSON KEMPNER
CAPITAL MANAGEMENT LLC, Appellant: Isaac M. Pachulski, Jeffrey H. Davidson,
Eric D. Winston, Stutman, Treister & Glatt, Los Angeles, CA.
For SCOTIA
PACIFIC COMPANY LLC, Appellant: Eric J. Fromme, Gibson, Dunn & Crutcher,
L.L.P., Irvine, CA.
For CSG
INVESTMENTS, SCOTIA REDWOOD FOUNDATION INC, Appellants: Murry B. Cohen, Akin
Gump Strauss Hauer & Feld, Houston, TX; Joseph Carl Cecere, Charles R.
Gibbs, Akin Gump Strauss Hauer & Feld, L. L. P., Dallas, TX.
For
OFFICIAL UNSECURED CREDITORS' COMMITTEE, Official Unsecured Creditors'
Committee Appellee, Appellee: Maxim Boris Litvak, Pachulski Stang Ziehl Young
Jones, San Francisco, CA.
For
MARATHON STRUCTURED FINANCE FUND LP, Appellee: Steven M. Schwartz, David Neier, Winston & Stawn, New York,
NY; John David Penn, Haynes & Boone, L.L.P., Fort Worth, TX.
For
MENDOCINO REDWOOD COMPANY LLC, Appellee: Allan S. Brilliant, Brian D. Hail,
Frederick Craig Schafrick, Richard Michaels Wyner, Goodwin Procter, Washington,
DC.
For PACIFIC
LUMBER CO, The Pacific Lumber Company, Appellee: Nathaniel Peter Holzer, Jordan,
Hyden, Womble, Culbreth & Holzer, Corpus Christi, TX.
For UNITED
STATES JUSTICE DEPARTMENT, Appellee: Bradford T. McLane, James C. Kilbourne,
Alan S. Tenenbaum, Environment & Natural Resources Division, Washington,
DC.
For
CALIFORNIA STATE AGENCIES, Appellee: Paul J. Pascuzzi, Felderstein Fitzgerald,
Willoughby & Pascuzzi LLP, Sacramento, CA; Michael W. Neville, Office of
the Attorney General for the State of California, San Francisco, CA.
For THE
AMERICAN SECURITIZATION FORUM, Amicus Curiae: Hugh Matthew McDonald, Thacher
Proffitt & Wood, New York, NY.
Before JONES, Chief Judge, and OWEN
and SOUTHWICK, Circuit Judges.
Opinion by: EDITH H. JONES
Lexis.com subscribers can view the enhanced version of Bank of New York Trust Co., NA v. Official Unsecured Creditors'
Committee
Non-subscribers
can view the free, unenhanced version of Bank of New York Trust Co., NA v. Official Unsecured Creditors'
Committee on lexisONE's Free Case Law
See also:
Emerging
Issues Analysis:
James
Lawniczak: A
Secured Creditor's Absolute Legal Right to Credit Bid under 11 U.S.C. §
1129(b)(2)(A)
Paul H.
Zumbro & Robert H. Trust: In
re
Philadelphia Newspapers, LLC, 2010 U.S. App. LEXIS 5805 (3d Cir. Mar.
22,
2010)
Podcast:
LexisNexis®
Bankruptcy
Law Community Podcast featuring James Lawniczak of Calfee, Halter
& Griswold on a secured creditor's absolute legal right to credit
bid