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Legal Opinion

In Re Drexel Burnham Lambert Group, Inc.

United States Bankruptcy Court, S.D. New York

Decided March 4, 1992No. 19-22171PublishedCited by 28 opinions

1Opinion of the Court

MEMORANDUM OF DECISION ON § 510(b) OBJECTIONS TO PLAN CONFIRMATION

FRANCIS G. CONRAD, Bankruptcy Judge. *

LBA, holder of about 40 percent of the common stock of Drexel Burnham Lambert Group, Inc., objects 1 to confirmation of the Joint Plan of Reorganization (“Plan”) on the grounds that it fails to relegate employee shareholders to LBA’s place at the bottom of the Plan distribution heap. This omission, LBA argues, violates the mandatory subordination requirements of 11 USC § 510(b), 2 which results in unfair discrimination under § 1129(b), 3 thereby rendering the plan unconfirmable under §…

2Cases cited6 opinions

  1. Matter of Johns-Manville Corp.United States Bankruptcy Court, S.D. New York · 1986
  2. Central Transport, Inc. v. Roberto (In Re Tucker Freight Lines, Inc.)United States Bankruptcy Court, W.D. Michigan · 1986
  3. Limited Partners' Committee of Amarex, Inc. v. Official Trade Creditors' Committee of Amarex, Inc. (In Re Amarex, Inc.)District Court, W.D. Oklahoma · 1987
  4. In Re Penn-Dixie Industries, Inc.United States Bankruptcy Court, S.D. New York · 1981
  5. In Re Lenco, Inc.United States Bankruptcy Court, E.D. Missouri · 1990

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3Cited by28 opinions

  1. In Re: Pws Holding Corporation Bruno's, Inc Food Max of Mississippi, Inc A.F. Stores, Inc Br Air, Inc. Food Max of Georgia, Inc Food Max of Tennessee, Inc Foodmax, Inc Lakeshore Foods, Inc Bruno's Food Stores, Inc Georgia Sales Company Sss Enterprise, Inc W.R. Huff Asset Management Co., L.L.C., in 00-5042 Hsbc Bank Usa, as Indenture Trustee for the 10.5% Senior Subordinated Notes, in 00-5074Court of Appeals for the Third Circuit · 2000
  2. Bank of New York Trust Co. v. Official Unsecured Creditors' CommitteeCourt of Appeals for the Fifth Circuit · 2009
  3. In Re: Kensington International Limited and Springfield Associates, Llc, in Re: D.K. Acquisition Partners, L.P. Fernwood Associates, L.P. And Deutsche Bank Trust Company Americas, in Re: Usg CorporationCourt of Appeals for the Third Circuit · 2004
  4. In re W.R. Grace & Co.District Court, D. Delaware · 2012
  5. Pan Am Corp. v. Delta Air Lines, Inc.District Court, S.D. New York · 1994

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