Rossco Holdings, Inc. v. McConnell, Esq.

Citation:
___ F.3d ___; Case No. 14-10900 (5th Cir. June 1, 2015)
Tag(s):
Ruling:
The court of appeals affirmed the decision by the United States District Court for the Northern District of Texas to dismiss causes of action brought by reorganized debtors under Fed. R. Civ. P. 12(b)(1) because the Plaintiff's confirmed Chapter 11 bankruptcy plans did not specifically and unequivocally reserve the claims that Plaintiff's sought to pursue.
Procedural context:
The decision is on appeal from the District Court granting the defendant's motion to dismiss.
Facts:
The Plaintiffs confirmed Chapter 11 plans in their bankruptcy cases filed in the United States Bankruptcy Court for the Central District of California. While the plans and the orders confirming the plans contained general provisions stating that upon confirmation of the Plan, all property of the bankruptcy estate vests in the debtors, the plans and the orders confirming the plans did not specifically identify the claims that were brought against the defendants. Consequently, the court affirmed the district court's decision that the plaintiffs lacked standing the pursue the claims against the defendants.
Judge(s):
Clement, Prado and Elrod

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