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In a huge setback for Congoleum Corp., the 3rd Circuit has reversed a bankruptcy judge's approval of the company's "pre-packaged" bankruptcy plan over conflicts of interest. Law professor Lester Brickman called the decision "the latest in a series of 3rd Circuit pronouncements essentially holding that the 'business as usual' approach in which bankruptcy courts had largely rubber-stamped plaintiffs lawyers' effective control over asbestos bankruptcy proceedings ... is no longer to be tolerated."
October 18, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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