(6th Cir. April 28, 2017)
The Sixth Circuit affirms the district court and the bankruptcy court, holding that the sale of certain equity interests in the debtor to third parties was prohibited by the confirmed Chapter 11 plan. While the plan was silent as to such sales, the bankruptcy court did not abuse its discretion when interpreting the plan and considering the intent of the parties based on the negotiations that resulted in the final confirmed plan. Opinion below.
Attorneys for Appellants: Frost Brown Todd, Edward Michael King, John Scott Egan, Cory J. Skolnick; Hahn & Hessen, Gilbert Backenroth; Kaplan & Partners, David S. Kaplan, Casey Leigh Hinkle
Attorneys for Appellee: Bingham Greenbaum Doll, John K. Bush, Claude R. Bowles, Jr., James R. Irving; Seiller Waterman, Neil C. Bordy, Glenn Alan Cohen, Keith James Larson