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

In a significant decision in a closely watched case, Bankruptcy Judge Laurie Selber Silverstein held in In re Millennium Lab Holdings II, Case No. 15-12284 (LSS) (Del. Bankr. Oct. 3, 2017), that the bankruptcy court had constitutional adjudicatory authority to approve the nonconsensual release of nondebtor, direct nonbankruptcy common law claims against third parties as part of a confirmation order. In so doing, she rejected the plan objectors’ expansive reading of Stern v. Marshall, 131 S. Ct. 2594 (2011), which, in her opinion, would apply Stern outside of the narrow context in which it was decided, go beyond the holding of any court applying Stern, and dramatically change the division of labor between the bankruptcy and district courts.

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