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Fobian overruled

In Travelers Cas. and Sur. Co. of America v. Pacific Gas & Electric Co., 127 S. Ct. 199 (2007) ("Travelers"), the United States Supreme Court overturned a Ninth Circuit Court of Appeals opinion that had made pre-petition contractual provisions awarding attorneys' fees to the prevailing party unenforceable in bankruptcy to the extent the parties litigated issues peculiar to bankruptcy law. The Ninth Circuit opinion, Fobian v. Western Farm Credit Bank (In re Fobian), 951 F.2d 1149 (9th Cir.

USA, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Debtor, Federal Reporter, Bad faith, Secured creditor, Unsecured creditor, Title 11 of the US Code, Supreme Court of the United States, Ninth Circuit
Second Circuit holds that most important factor in assessing pre-plan settlement distribution under Rule 9019 is whether it complies with the absolute priority rule

On March 7, 2007, the Second Circuit Court of Appeals held that "in the Chapter 11 context, whether a pre-plan settlement's distribution plan complies with the Bankruptcy Code's priority scheme will be the most important factor for a Bankruptcy Court to Consider in approving a settlement under Bankruptcy Rule 9019." In re Iridium Operating LLC, No. 05-2236 (2d Cir. March 7, 2007)

USA, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Federal Reporter, Limited liability company, Remand (court procedure), Parent company, Motorola, Second Circuit, United States bankruptcy court, Fifth Circuit