Compton v. Aker Pusnes AS, et al, No. 11-20478 (5th Cir. 2012)
Annotate this CaseThis was a direct appeal from the bankruptcy court involving a dispute with contract vendors. The court held that the reservation language in the Reorganization Plan was sufficiently specific and unequivocal under In re United Operating, LLC. The court could not find, however, that the Litigation Trustee had standing to sue each of the appellees here. The Reservation Plan specifically carved out released claims. Accordingly, the Litigation Trustee lacked standing to bring, and the bankruptcy court was without jurisdiction to hear, any such claims. Therefore, the court vacated the bankruptcy court's order and remanded for further proceedings.
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