United States First Circuit

Bankruptcy courts may not use their powers of equitable subordination to downgrade stock redemption claims on a categorical basis; instead, they must evaluate the propriety of equitable subordination case by case.

Appellate Information

• Decided 08/25/2005
• Published 08/26/2005

Judges

• SELYA, Circuit Judge., Before SELYA, LYNCH, and HOWARD, Circuit Judges.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Thomas P. Smith, with whom Caffrey & Smith, P.C. was on brief, for appellant., Ellen L. Beard, Senior Appellate Attorney, U.S. Department of Labor, with whom Howard M. Radzely, Solicitor of Labor, Timothy D. Hauser, Associate Solicitor, and Elizabeth Hopkins, Counsel, were on brief, for Secretary of Labor, amicus curiae (in support of reversal)., Gary R. Greenberg, Louis J. Scerra, Jr., Annapoorni R. Sankaran, and Greenberg Traurig, LLP on brief for Peter Shapiro and a Certified Class of Persons and Entities Similarly Situated, amici curiae (in support of reversal).


• For Appellees:
  
• James F. Wallack, with whom Rafael Klotz and Goulston & Storrs, P.C., were on brief, for appellee.