Supreme Court Declines to Take Appeal of Owens Corning: Third Circuit's Substantive Consolidation Guidelines Are Now Settled
On May 1, 2006, the United States Supreme Court denied the petition for a hearing filed by the Creditors' Committee in the Chapter 11 case of Owens Corning, Inc. See Official Representatives of the Bondholders and Trade Creditors of Debtors Owens Corning v. Credit Suisse First Boston, 126 S. Ct. 1910 (2006). The Creditors' Committee had sought to appeal the Third Circuit Court of Appeals' earlier decision regarding substantive consolidation in In Re Owens Corning, (3d. Cir. 2005). As a result of the Supreme Court's decision to deny the petition for writ of certiorari, the guidelines for determining whether substantive consolidation is appropriate are now settled in the Third Circuit. For a discussion of the Third Circuit's opinion in Owens Corning, see the November 29, 2005 positing on this site, "Third Circuit Adopts Stringent Test for Substantive Consolidation."
In communicating with us through this blog, you should not provide any confidential information to us concerning any potential or actual legal matter you may have. Before providing any such information to us, you must obtain approval to do so from one of our lawyers.
By choosing to communicate with us without such prior approval, you understand and agree that Sheppard Mullin will have no duty to keep confidential any information you provide.