United States Fourth Circuit
Nat'l Gas Distributors, LLC v. E.I. du Pont de Nemours and Co., 072105
In claim brought by plaintiff-national gas distributor against defendants-three of plaintiff's customers to avoid numerous natural gas supply contracts entered into with the customers during the year before plaintiff's bankruptcy petition was filed, judgment in favor plaintiff is reversed and remanded where: 1) the grounds given by the bankruptcy court in finding that the contracts at issue were not swap agreements were not supported by the definition of "swap agreement" in 11 U.S.C. section 101(53B); 2) the bankruptcy court construed "commodity forward agreements" too narrowly; and 3) in defining a "commodity forward agreement", bankruptcy court is precluded from requiring that contract be traded in a market or on an exchange or that it not involve physical delivery of the commodity.
Appellate Information
- Decided 02/11/2009
- Published 02/11/2009
Judges
Court
- United States Fourth Circuit