Judge Scheindlin Mollifies Distressed Debt Market

Melnitzer, Julius
November 2007
InsideCounsel;Nov2007, Vol. 17 Issue 192, p75
Trade Publication
The article discusses U.S. District Judge Shira Scheindlin's ruling on the case Springfield Associates LLC v. Enron Corp. and its significance to the country's distressed debt market. Enron sued Springfield in 2003 for acquiring a $5 million claim from Citibank, saying the deal is tied to Citibank's alleged misconduct. Scheindlin overturned a previous bankruptcy court decision, saying a buyer is not guilty of misconduct in case of a true sale. She further ruled that complicity occurs only in claims by assignment such as acquisition by operation of law.


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