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Out of Character Third-Circuit Bankruptcy Court Rulings Still Making Waves by ProQuest


Delaware has long carried a reputation of being business friendly, causing a large number of companies over the years to incorporate there even when operations are based far away. The bankruptcy court in Delaware, part of the US Court of Appeals for the Third Circuit, has experienced similar popularity in the number of filings in part because some characterize the courts judicial outlook to be one that is business friendly and predictable because of its judges' predilection to render decisions based on plain readings of statutes. However, business and bankruptcy communities got curve balls thrown at them on multiple occasions in 2010. Two Third Circuit decisions, in particular, inspired shockwaves: one involving a not uncommon request to use credit bidding in the bankruptcy case of Philadelphia Newspapers LLC and another tied to Visteon Corp's attempt to nix retiree benefits. Judges ruled against both. Whether or not the decisions illustrate a shift in positions for the Third Circuit largely remains conjecture at this point.

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