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The Delaware Bankruptcy Insider is a premier blog designed to bring its readers a comprehensive analysis of the latest Delaware corporate bankruptcy news and rulings. Brought to you by Ashby & Geddes, P.A.
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Showing 1 post in Waiver.
Delaware District Court Holds Subordination Agreements Enforceable to Subordinate Junior Secured Creditor’s Timely Filed Claim to Those Tardily Filed by a Senior Secured Creditor
Bank of New York Mellon Trust Co. v. Miller (In re Franklin Bank Corp.), No. 13-1713-RGA, 2014 WL 3611596 (D. Del. July 21, 2014)
In this Memorandum Opinion, Judge Andrews of Delaware’s District Court vacated an order of the Bankruptcy Court and held that a secured creditor who tardily filed its claims years after the applicable bar date did not waive its ability to enforce subordination agreements to subordinate a junior secured creditor’s timely filed claims. The District Court further held that, despite the Bankruptcy Court’s contrary ruling, the senior creditor’s failure to act more quickly did not support equitable subordination of its claims under Bankruptcy Code section 510(c). Read More ›