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Bank of America National Trust & Savings Association v. 203 North LaSalle Street Partnership
United States Supreme Court
526 U.S. 434 (1999)
Bank of America National Trust & Savings Association (the bank) (creditor) lent 203 North LaSalle Street Partnership (LaSalle) (debtor) $93,000,000. After defaulting on the loan, LaSalle filed for reorganization under chapter 11 of the bankruptcy code. Under LaSalle’s proposed reorganization plan, former equity partners invested new capital and obtained complete ownership of the reorganized business. The plan gave the investment opportunity exclusively to the old equity holders, and did not solicit investment from the open market. As an impaired creditor, the bank objected to LaSalle’s reorganization plan. Using cramdown, the bankruptcy court confirmed the plan over the bank’s objection. The bank appealed, and the court of appeals affirmed. The United States Supreme Court granted certiorari.
Rule of Law
Holding and Reasoning (Souter, J.)
Concurrence (Thomas, J.)
Dissent (Stevens, J.)
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