The closely watched TOUSA, Inc. case took another twist on May 15, when the Eleventh Circuit Court of Appeals (the Court of Appeals) reversed the decision of the U.S. District Court for the Southern District of Florida (the District Court) and reinstated the bankruptcy court opinion in its entirety.
TOUSA Case Takes Another Twist
The closely watched TOUSA, Inc. case took another twist on May 15, when the Eleventh Circuit Court of Appeals reversed the decision of the U.S. District Court for the Southern District of Florida and reinstated the bankruptcy court opinion in its entirety. The decision reinforces the level of diligence and care that lenders must undertake in cases involving borrower subsidiaries, especially with respect to upstream loan transactions.
By
Ted A. Berkowitz And Veronique A. UrbanThis premium content is locked for LawJournalNewsletters subscribers only
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