2nd Circuit: Debtor's Case 'Meritless'; Creditor Has Valid Bankruptcy Claim

2nd Circuit: Debtor's Case 'Meritless'; Creditor Has Valid Bankruptcy Claim

NEW YORK - A panel of the Second Circuit U.S. Court of Appeal on Sept. 6 affirmed a bankruptcy court's ruling and said that a debtor's argument that the claim filed by a company with which it had a tax agreement was "meritless" (CIT Group Inc. v. Tyco International Inc. [In Re:  CIT Group],  No. 12-1692, Chapter 11, 2nd Cir.; 2012 U.S. App. LEXIS 18696).

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