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Thomas Swartz
Thomas Swartz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3023
Experience:  Twenty one years experience as a lawyer in New York and New Jersey. Former Appellate Law Clerk.
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Can you tell me if the decision cited below would influence

Customer Question

Can you tell me if the decision cited below would influence bankruptcy court in Delaware?
Says that holders of a bankrupt security will be counted for liquidations as of date of payment plan acceptance by court rather than normal dividend record date.
Thanks!
http://www.njb.uscourts.gov/opinions/JHW/docs/2006/THCR_2172006.pdf
Submitted: 2 months ago.
Category: Bankruptcy Law
Expert:  Thomas Swartz replied 2 months ago.

Hello Russell,

Yes, if there are no decisions from the District of Delaware Bankruptcy Court on the same issue. Courts usually look first to decisions of their own court for precedents to follow. If there are no such precedents to follow then they will look to other jurisdictions. So if the District of Delaware Bankruptcy court can find no precedents from its own decisions, it will look at other jurisdiction, such as New Jersey, and if the facts of the New Jersey case are the same or similar to the Delaware case, it would influence their decision. They would not be bound by the New Jersey bankruptcy court's decision. But they would look at it as persuasive authority.

Thomas

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