Legal Opinion
In Re Bush Industries, Inc.
United States Bankruptcy Court, W.D. New York
Decided September 16, 2004No. 2-15-20718PublishedCited by 9 opinions
1Opinion of the Court
CARL L. BUCKI, Bankruptcy Judge.
The officers and directors of a corporation owe a fiduciary obligation to shareholders. This obligation continues even in the context of bankruptcy, and demands an equality of treatment as among all owners of the company. The bankruptcy process allows no room for self-dealing by officers and directors of a publicly traded enterprise. In the instant case, where unsecured creditors are to paid in full, the central issue is whether a proposed plan violates these fundamental rights of shareholders.
In this chapter 11 case, the Official Committee of Equity Security…
2Cases cited11 opinions
- Grogan v. GarnerSupreme Court of the United States · 1991
- Pepper v. LittonSupreme Court of the United States · 1939
- Herman & MacLean v. HuddlestonSupreme Court of the United States · 1983
- Consolidated Rock Products Co. v. Du BoisSupreme Court of the United States · 1941
- Alpert v. 28 Williams Street Corp.New York Court of Appeals · 1984
6 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- In Re Chemtura Corp.United States Bankruptcy Court, S.D. New York · 2010
- In Re Quigley Co., Inc.United States Bankruptcy Court, S.D. New York · 2010
- In Re Mirant Corp.United States Bankruptcy Court, N.D. Texas · 2005
- In Re Granite Broadcasting Corp.United States Bankruptcy Court, S.D. New York · 2007
- In re Emmons-Sheepshead Bay Development LLCDistrict Court, E.D. New York · 2014
4 more not listed; retrieve them via the Exa API.