ELR Citation: ELR 20010
No(s). s. 09-1391 et al (3d Cir. Dec 22, 2009)

The Third Circuit affirmed a lower court order dismissing oil and gas exploration companies' bankruptcy petition for lack of good faith. The companies failed to show that their Chapter 11 bankruptcy petitions served valid bankruptcy purposes because the bankruptcies did not maximize the estates. Mor...