Zenter GBV Fund IV, LLC v. Vesper

OPINION

NORRIS, Circuit Judge.

Michael Cappy (Cappy) and Zentek GBV Fund IV, LLC (Zentek) appeal from the judgment of the district court affirming the bankruptcy court’s confirmation of the trustee’s plan under 11 U.S.C. § 1129(b)(1). For the reasons that follow we affirm the district court.

I

In 1992, Norcross Industries, Inc. (Nil), was a subchapter C holding company which owned and controlled a number of subsidiaries, including Norcross Footwear, Inc. (NFI). That same year, Cappy, who owned 87% of Nil, became interested in making an initial public offering (IPO) of NIL Following discussions…