Legal Opinion
SeaQuest Diving, LP v. S&J Diving, Inc. (In Re SeaQuest Diving, LP)
Court of Appeals for the Fifth Circuit
Decided August 13, 2009No. 08-20516PublishedCited by 47 opinions
1Opinion of the Court
DeMOSS, Circuit Judge:
In this appeal, we must address whether a $2,742,014 unsecured claim based on a state court judgment is subject to mandatory subordination under 11 U.S.C. § 510(b) because it arose from the rescission of a purchase or sale of a security of the debtor. This is an issue of first impression in this Circuit. For the reasons stated in this opinion, we affirm the decision of the bankruptcy court subordinating the claim.
I. Factual & Procedural Background
A. Facts
The following is a chronology of events that led to the Chapter 11 bankruptcy filing of SeaQuest Diving, LP (SeaQuest…
2Cases cited32 opinions
- Lamie v. United States TrusteeSupreme Court of the United States · 2004
- Brown v. FelsenSupreme Court of the United States · 1979
- Kontrick v. RyanSupreme Court of the United States · 2004
- In Re Telegroup, Inc. Baroda Hill Investments, Ltd. Leheron Corporation, Ltd. Kimble John Winter v. Telegroup, IncCourt of Appeals for the Third Circuit · 2002
- Baty v. ProTech Insurance Agency, Texas Court of Appeals, 14th District (Houston)2002
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3Cited by47 opinions
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- Think3 Litigation Trust v. Zuccarello (In re Think3, Inc.)United States Bankruptcy Court, W.D. Texas · 2015
- Adler v. Lehman Bros. Holdings Inc. (In re Lehman Bros. Holdings Inc.)Court of Appeals for the Second Circuit · 2017
- Pensco Trust Co. v. Tristar Esperanza Properties, LLCCourt of Appeals for the Ninth Circuit · 2015
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