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BANK OF AMERICA NAT. TRUST AND SAV. ASSN. v. 203 NORTH LaSALLE STREET PARTNERSHIP

No. 97-1418.

526 U.S. 434 (1999)

119 S.Ct. 1411

143 L.Ed.2d 607

BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION v. 203 NORTH LaSALLE STREET PARTNERSHIP

Supreme Court of United States.

Decided May 3, 1999.

Attorney(s) appearing for the Case

Roy T. Englert, Jr., argued the cause for petitioner. With him on the briefs were Thomas S. Kiriakos and James C. Schroeder.

Patricia A. Millett argued the cause for the United States as amicus curiae urging reversal. With her on the brief were Solicitor General Waxman, Assistant Attorney General Hunger, Deputy Solicitor General Wallace, William Kanter, and Bruce G. Forrest.

Richard M. Bendix, Jr., argued the cause for respondent. With him on the brief were Malcolm M. Gaynor and Paul J. Gaynor.*

Justice Souter, delivered the opinion of the Court.

The issue in this Chapter 11 reorganization case is whether a debtor's prebankruptcy equity holders may, over the objection of a senior class of impaired creditors, contribute new capital and receive ownership interests in the reorganized entity, when that opportunity is given exclusively to the old equity holders under a plan adopted without consideration of alternatives. We hold that old equity holders are disqualified...

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