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Bankruptcy Rule 2019

By ALM Staff | Law Journal Newsletters |

Bankruptcy court procedural rulings typically go unnoticed. However, this year two bankruptcy court rulings regarding procedural disclosure requirements potentially applicable to investors participating in the bankruptcy process have caused quite a stir. Both rulings related to the scope of disclosure mandated by Bankruptcy Rule 2019, which applies to 'committees' and 'entities' that represent more than one creditor in a bankruptcy case.

After almost 70 quiet years on the books without controversy, Rule 2019 suddenly thrust itself onto bankruptcy's center stage as a result of a decision in the Northwest Airlines case holding that Rule 2019 mandated extensive public disclosures of sensitive trading information. See In re Northwest Airlines, __ B.R. __ (Bankr. S.D.N.Y. 2007). This decision sent shockwaves through the investing community because, read most broadly, it could apply to virtually any group of parties who act in a coordinated manner through common counsel in a bankruptcy case.

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