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Bankruptcy Rule 2019 Redux -- Delaware Bankruptcy Court Holds that Informal Committee is Not Subject to Rule 2019
by Paul, Weiss, Rifkind, Wharton & Garrison LLP - New York Office
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February 2, 2010
Previously published on January 22, 2010
Two decisions (one only weeks ago) have held that the scope of Bankruptcy Rule 2019 encompasses “informal committees” of bondholders and that such committees must comply with the extensive disclosure requirements of Bankruptcy Rule 2019. In a recent decision, Bankruptcy Judge Christopher Sontchi of the Delaware Bankruptcy Court came out the other way, ruling that such a committee was not a “committee representing more than one creditor” and, consequently, is not subject to Rule 2019. In so doing, Judge Sontchi considered but declined to follow the two decisions addressing the same issue: In re Washington Mutual, Inc., et al., 419 B.R. 271 (Bankr. D. Del. 2009) and In re Northwest Airlines Corp., et al., 363 B.R. 701 (Bankr. S.D.N.Y. 2007).
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