Parks v. Dittmar

I respectfully dissent. I would affirm the judgment of the bankruptcy court. The Debtors’ interests in the stock appreciation rights (SARs) were too uncertain to be included within their bankruptcy estates.

Background.

Almost all the relevant facts are noted in the majority opinion, and I will only mention facts that seem most critical to me. As noted in the majority opinion, the SARs at issue here were given for a fifteen year term (Maj. op. at 1203), while Spirit told the eligible employees, including Debtors, that it was “using a five-year period” in planning, which implied that Spirit…