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Holders of "dirt bonds" may lack plan voting rights in developer bankruptcies

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • September 21 2011

In a decision that may have implications for holders of community development district bonds and other similar “dirt bonds,” a Florida bankruptcy court has ruled that holders of community development district bonds do not always have plan voting rights when the underlying developer as opposed to the development district itself is the bankruptcy debtor