The Matter of Zale Corporation, Debtor. Alan D. Feld, and National Union Fire Insurance Company, Inc., of Pittsburgh, Pennsylvania v. Zale Corporation
Court of Appeals for the Fifth Circuit
1Opinion of the Court
EMILIO M. GARZA, Circuit Judge:
Alan D. Feld and National Union Fire Insurance Company (“NUFIC” or “National Union”) appeal the district court’s affirmance of the bankruptcy court’s approval of a settlement entered in the bankruptcy proceedings of Zale Corporation and its affiliates (collectively “Zale” or “the debtor”). We reverse and remand.
I
More than two years prior to the approval of the settlement at issue in this case, Zale filed for protection under Chapter 11 of the Bankruptcy Code. See 11 U.S.C. § 1101— 1173 (1988 & West Supp. V 1994). The official creditors’ committees initiated…
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