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Bankruptcy Keyed to Bussel, 12th Ed.
Century Glove v. First American Bank of New York
Citation:
860 F.2d 94 (1988)Facts
Century Glove filed for bankruptcy reorganization in November 1985 and submitted its plan in August 1986. FAB, one of Century Glove’s creditors, opposed the plan, believing that Century Glove’s largest claimed assets (including a lawsuit against FAB) were speculative. After the bankruptcy court approved Century Glove’s disclosure statement in December 1986, FAB’s attorney contacted several other creditors, including Latham Four Partnerships and Bankers Trust New York Corporation (BTNY), to discuss the plan and convince them to vote against it. During these communications, FAB provided copies of its own draft alternative plan marked “draft” and stated they were submitted for comments. FAB also shared a letter written to the unsecured creditors’ committee questioning their endorsement of Century Glove’s plan. After receiving rejections from several creditors, Century Glove petitioned the bankruptcy court to invalidate these votes, arguing that FAB had acted in bad faith.
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