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The Calpine Case
When is an executory contract not just an executory contract? When it's also a regulation, of course. So ruled Judge Richard Casey of the District Court for the Southern District of New York in In re Calpine, 337 B.R. 27 (S.D.N.Y. Jan. 27, 2006), dismissing Calpine's request for authority to reject under 11 U.S.C.
' 365 certain regulated wholesale power supply contracts that fall within the exclusive jurisdiction of a federal administrative agency. Casey's decision and the subsequent appeal to the Second Circuit Court of Appeals, where the case is currently pending, culminate a 3-month legal sprint through the executive and judicial branches of government in a case that pits the authority of the judiciary against the jurisdiction of the Federal Energy Regulatory Commission (FERC) ' the administrative agency tasked with regulating the wholesale sale and transmission of electric power.
The Case
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