Noninsider Debt Claims Can Be Equity, 5th Circ. Says

By Roxanne Palmer ( August 9, 2011, 10:37 PM EDT) -- The Fifth Circuit on Tuesday ruled that a noninsider creditor's claims against bankrupt oil company Lothian Oil Inc. can be characterized as equity rather than debt, siding with a bankruptcy court in a precedential reversal of a lower court's ruling. . . .

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