Spicer v. Laguna Madre Oil & Gas II, L.L.C. (In Re Texas Wyoming Drilling, Inc.)
Court of Appeals for the Fifth Circuit
1Opinion of the Court
EDITH BROWN CLEMENT, Circuit Judge:
Laguna Madre Oil & Gas II, L.L.C., et al., (“Laguna”), appeals the bankruptcy court’s denial of its motion for summary judgment. We AFFIRM.
FACTS AND PROCEEDINGS
Texas Wyoming Drilling, Inc. (“TWD”) filed a voluntary petition for bankruptcy under Chapter 11. Thereafter, TWD filed its disclosure statement and plan, both of which were approved by the bankruptcy court. Among other things, the plan eliminated all of TWD’s shareholders’ stock interests in TWD.
Central to this dispute are the terms of the plan and the disclosure statement; namely, whether the terms…
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