As a wise man is wont to say, “Where you stand depends on where you sit.”

This statement applies with full force to the recent, related opinions from Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas, addressing the effects of a so-called “uptier” liability management transaction.¹

Procedurally, Judge Isgur’s rulings denied in part and granted in part motions for summary judgment, permitting certain claims to proceed to trial beginning on January 25, 2024.