Legal Opinion
C-T of Virginia, Inc. v. Barrett (In re C-T of Virginia, Inc.)
Court of Appeals for the Fourth Circuit
Decided March 5, 1992No. 90-1556PublishedCited by 4 opinions
1Opinion of the Court
OPINION
WILKINSON, Circuit Judge:
This case presents the question of whether the leveraged acquisition of a corporation, structured in the form of a cash-out merger and consummated at arm’s length, is subject to restrictions on distributions to shareholders under Virginia law. The case involves an action brought by an official committee of unsecured creditors of a corporation now in bankruptcy against the former directors of that corporation. The creditors, suing on behalf of the corporation, claimed that the leveraged acquisition created an illegal distribution to shareholders under the…
2Cases cited6 opinions
- Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.Supreme Court of Delaware · 1986
- Afram Export Corporation, a Wisconsin Corporation v. Metallurgiki Halyps, S.A., a Foreign CorporationCourt of Appeals for the Seventh Circuit · 1985
- Wieboldt Stores, Inc. v. SchottensteinDistrict Court, N.D. Illinois · 1988
- Paramount Communications, Inc. v. Time Inc.Supreme Court of Delaware · 1990
- C-T of Virginia, Inc. v. BarrettDistrict Court, W.D. Virginia · 1990
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3Cited by4 opinions
- Moody v. Security Pacific Business Credit, Inc.Court of Appeals for the Third Circuit · 1992
- Brandt v. Hicks, Muse & Co. (In Re Healthco International, Inc.)United States Bankruptcy Court, D. Massachusetts · 1996
- James Moody, Trustee of the Estate of Jeannette Corporation and the Committee of Unsecured Creditors of Jeannette Corporation v. Security Pacific Business Credit, Inc., the Coca-Cola Bottling Company of New York, Inc., Kny Development Corp., J. Corp., John P. Brogan, John J. Brogan, Hanley Dawson, Iii, James A. McLean James R. Winoker, Robert M. Janowiak, Alan MacLachlan Interdyne, Inc., Muench-Kreuzer Candle Company v. Frank W. Storey, Calvin MacCraken Individuals, James Moody, Trustee of the Estate of Jeannette CorporationCourt of Appeals for the Third Circuit · 1992
- In Re C-T Of Virginia, IncorporatedCourt of Appeals for the Fourth Circuit · 1992