Sapere Wealth Mgmt LLC v. MF Global Holdings Ltd. (In re MF Global Holdings Ltd.)
- Summarized by Weston Eguchi , Willkie Farr & Gallagher LLP
- 11 years 1 month ago
- Citation:
- No. 12-4254-bk (2d Cir. Dec. 6, 2013) (Summary Order)
- Tag(s):
-
- Ruling:
- Affirming District Court's judgment, dismissing Appellants' appeal from the Bankruptcy Court's order for lack of jurisdiction on the basis that the Bankruptcy Court's order was interlocutory rather than final, because it did not foreclose Appellants' ability to continue to assert a priority right to distributions under chapter 11. The Second Circuit relied on prior case law holding that an order was interlocutory where it contained expressions of non-finality and contemplated significant further proceedings to determine the rights of parties.
- Procedural context:
- Appellants Sapere Wealth Management LLC, Granite Asset Management and Sapere CTA Fund LP ("Appellants") filed a motion in MF Global Holdings Ltd.'s ("MFGH") chapter 11 cases to direct that MFGH and its affiliates' estates be administered pursuant to the Commodity Broker Liquidation provisions (subchapter IV) of chapter 7 and CFTC regulations (17 CFR s. 190). The U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") denied Appellants' motion, and Appellants appealed the district court (the "District Court"). The District Court dismissed Appellants' appeal for lack of jurisdiction on the basis that the Bankruptcy Court's order was interlocutory.
- Facts:
- Appellants were commodities customers of MF Global Inc., the broker-dealer / futures commission merchant subsidiary of MFGH, which, together with certain affiliates commenced chapter 11 cases before the Bankruptcy Court.
- Judge(s):
- Walker, Cabranes, Lohier
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