Business restructuring partner Andrew Devore shared his thoughts with Law360 Insurance Authority on the upcoming Supreme Court oral arguments in Truck Insurance Exchange v. Kaiser Gypsum Co. Inc. et al., in which the justices will consider which parties have standing to be heard on objections to Chapter 11 plans in bankruptcy court.
Andrew told Law360 that the justices “will need to address whether standing and merits issues can be interdependent, or if standing only requires the potential for an adverse impact.”
"In some sense, it's a chicken or the egg question," he said.
The case centers around Truck Insurance Exchange, an insurer that opposed the proposed reorganization plan of two bankrupt manufacturing companies facing asbestos liability claims.
Andrew also noted that the case implicates related issues in the Supreme Court's forthcoming decision on Purdue Pharma's bankruptcy settlement over the opioid epidemic.
The arguments will take place on Tuesday, March 19.
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