Bankruptcy

Interesting Pleading of the Day

By mcbride

Here is a link to a pleading which was filed in the Chrysler reorganization case now pending in NYC.  It is filed by an Tom Lauria, who also worked at the Shank Irwin law firm in Dallas.  To provide a flavor of the pleading, which is an objection to the Debtor?s sale motion: 

 ?Among other things, the sale proposed by the Debtors constitutes an impermissible sub rosa plan of reorganization that strips the Chrysler Senior Lenders of the protections of section 1129(a) of title 11 of the United States Code (the ?Bankruptcy Code?) and improperly attempts to extinguish their property rights without their consent. Further, the sale does not comply with section 363(f) of the Bankruptcy Code and was not proposed in good faith. Indeed, the sale is far from an arm?s length transaction, but rather, is the result of a tainted sales process dominated by the United States government. Under these circumstances, the Sale Motion should be denied.?

Agree or disagree, it is well written and interesting stuff!

Here is the link: http://hotair.cachefly.net/images/2009-05/Lauria-5thamendment.pdf

Michael

Full post as published by Texas Lawyer Blog on May 05, 2009 (boomark / email).