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<a href="http://www.accessmylibrary.com/coms2/summary_0286-23279633_ITM" title="Facts and information about Appellate Court reverses Kmart order approving favorable treatment of critical vendors' pre-petition unsecured claims. (Credit Column).">Appellate Court reverses Kmart order approving favorable treatment of critical vendors' pre-petition unsecured claims. (Credit Column).</a>
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Appellate Court reverses Kmart order approving favorable treatment of critical vendors' pre-petition unsecured claims. (Credit Column).
Introduction
The pre-bankruptcy claims of "critical vendors" (eliciting support from the "haves" and frustration and a sense of unfairness from the "havenots") has just been turned on its head!
In recent years, the trend in court decisions has been to approve (and in many instances rubberstamp) the requests of debtors to pay the pre-petition unsecured claims of vendors the debtor designates as "critical vendors", and whose goods and services the debtor considers essential to the survival of the debtor's business. The courts have granted this relief despite the general rule that prepetition unsecured claims are at the bottom of the claims priority ...
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