3rd Circuit: Lender Entitled To $10M Belonging To Debtor's Subsidiary

3rd Circuit: Lender Entitled To $10M Belonging To Debtor's Subsidiary

PHILADELPHIA - A panel of the Third Circuit U.S. Court of Appeals on Aug. 8 affirmed a bankruptcy court and ruled that a lender was entitled to recover a bank account worth $10 million that belonged to the wholly owned subsidiary of the debtor corporation (Wachovia Bank National Association v. WL Homes LLC $(In Re: WL Homes LLC$), No. 12-3414, Chapter 7, 3rd Cir.; 2013 U.S. App. LEXIS 16440).

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