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Bankruptcy

: Credit Slips

Chrysler Sale Order Appeal -- U.S. Weighs In

By Stephen Lubben

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The Solicitor General's memorandum urging Justice Ginsburg to deny the request for a stay is here.  The pleading highlights the difficulties the appellants will have overcoming the bankruptcy court's findings of fact.

The pleading also rejects my suggested interpretation of Iridium, arguing instead that the 2d Circuit embraced Braniff in that opinion. The Solicitor General then goes on to argue that the bankruptcy court court found that this was not a sub rosa plan, and that finding is correct. This is a reasonable interpretation of Iridium, and avoids the creation of a circuit split, which might lead to Supreme Court review.

Full post as published by Credit Slips on June 08, 2009 (boomark / email).

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