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On May 21, 2013, the U.S. Court of Appeals for the Third Circuit in In re The Majestic Star Casino1 held—as a matter of first impression—that a Chapter 11 debtor's status as a pass-through entity for taxation purposes did not constitute "property" of the Chapter 11 estate. The federal appellate court reversed the Bankruptcy Court and concluded that the revocation of the Chapter 11 debtor's tax status—caused unilaterally and intentionally by the debtor's ultimate shareholder—was not a transfer of Chapter 11 estate "property." As a result, the voluntary revocation by the shareholder which inured to its economic benefit could not be reversed or undone pursuant to the applicable provisions of the Bankruptcy Code.

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