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Bankruptcy Rule 2019
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.
Another bankruptcy court has recently rejected the Northwest approach in an unpublished ruling in the Scotia Pacific Company LLC's ('Scopac') Chapter 11 case (jointly administered and captioned In re Scotia Development LLC, Case No. 07-20027 (Bankr. S.D. Tex.)). The creditors in that case successfully presented several arguments that were not presented in the Northwest case. This article summarizes these developments.
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