Bankruptcy Court Erred in Denying “Superpriority” Claim
In In re: SCOPAC, No. 09-40307, creditors’ appeal from the district court’s dismissal of their appeal for lack of subject matter jurisdiction, where that appeal alleged that the bankruptcy court erred in denying their “superpriority” administrative claim on the bankruptcy estate, the court vacated where the bankruptcy court undervalued the noteholders’ priority administrative section 507(b) claim by $29.7 million, and the court erred in not crediting their interest with timber sales proceeds that were received during the bankruptcy, on which they had a lien and priority interest arising from the court’s many cash collateral orders.
Related Resources
- Read the Fifth Circuit’s Decision in In re: SCOPAC, No. 09-40307
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