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First, the Court held that while the Code governs the powers of a trustee in bankruptcy, “the terms of the plan of reorganization (and of the trust instrument) govern the permissible duties of a trustee ’s third reason, the possibility of inconsistent or duplicative recoveries was not a concern here, as the Liquidating Trust only held claims which were voluntarily assigned to it by investors.

The court rejected court-appointed partnership receiver Davin Lamm's contention that he could not have acted against Brook Lenfest, a former partner in the property, until after a liquidating trustee issued a report detailing the alleged malfeasance. Financial Services Law360 UK provides breaking news and analysis on the financial sector.

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The facts of are as follows: Sentinel Management Group Inc.

Instead, the assignments facilitated efficient aggregation of claims, and that the Court therefore possessed subject matter jurisdiction. The Court noted that none of the three reasons the Supreme Court gave for denying a Chapter X trustee’s power to act in applied in the present instance.

Blake’s clients include national and international companies, officers and directors, debtors, trustees, and creditors and creditors’ committees. During law school, he was a research assistant for Professor Michael Klausner for Stanford's Securities Class Action Clearinghouse.

Upon graduation from Stanford Law School, Blake served as a law clerk for Chief Judge Edith Jones of the U. After completing his undergraduate studies at Trinity University, he worked at the Federal Reserve in Washington D. for several years where he forecasted investment levels in the U.

These issues must be addressed prior to the confirmation of a plan.