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Proposed Revisions to Rule 2019

By Jon Kibbe and Michael Friedman

Bankruptcy Rule 2019, an often-ignored pivotal procedural rule in U.S. bankruptcies, has returned to the public eye. This reemergence stems from two recent decisions from the influential Bankruptcy Court for the District of Delaware (In re Washington Mutual, Inc., Case No. 08-12229 (Bankr. D. Del. Dec. 2, 2009) and In re Premier Int'fl Holdings, Inc., Case No. 09-12019 (Bankr. D. Del. Jan. 20, 2010)), as well as the controversial pending amendments to Rule 2019 proposed by the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States (the “Rules Committee“). The amendments were the subject of a public hearing held in New York City on Feb. 5, 2010.

The evolving judicial interpretations of Rule 2019 and the Rules Committee'fs proposed revisions will have a substantial impact on the landscape of distressed investing. If courts continue to require members of ad hoc groups or committees to disclose proprietary pricing information about their claims, or the proposed revisions to Rule 2019 become effective without change, distressed investors may be less willing to participate in ad hoc committees.

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