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Barry M. Klayman and Mark E. Felger Barry M. Klayman and Mark E. Felger

In JMO Wind Down, Case No. 16-10682 (BLS) (Del. Bankr. Apr. 13), U.S. Bankruptcy Chief Judge Brendan Shannon of the District of Delaware considered a motion to enjoin a creditor from pursuing claims against various defendants that were pending in a civil action in the Delaware Court of Chancery based on the provisions of the debtor’s Chapter 11 plan of liquidation. The defendants argued that the plan granted exclusive rights to pursue causes of action against them to a liquidating trust. After determining that he had jurisdiction over the motion to enjoin, Shannon held that the claims in the state court action were derivative claims which were property of the estate and could only be brought by the liquidating trustee. As a result, he granted the motion to enjoin the creditor from pursuing the claims in the Court of Chancery.

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