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Third Circuit reaffirms 1999 O’Brien decision regarding application of Bankruptcy Code Section 503(b) to break-up fees of stalking horse bidders

• Squire Sanders
• -
• USA
• -
• April 28 2010

In 1999 the Third Circuit Court of Appeals rendered its decision in Calpine Corp. v. O’Brien Environmental Energy, Inc. (In re O’Brien Environmental Energy, Inc.), 181 F.2d 527, denying Calpine Corporation’s request for the payment of a break-up fee after Calpine lost its effort to acquire the assets of O’Brien Environmental Energy out of bankruptcy