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Nordhoff Investments, Inc. v. Zenith Electronics Corp.

District Court properly approved of Bankruptcy Court's confirmation of defendant's bankruptcy and restructuring plan; court did not abuse its discretion in dismissing appeals of shareholders based on the doctrine of equitable mootness.

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Argued January 23, 2001

This case presents the consolidated challenges by Nordhoff Investments and the Official Committee of Equity Holders to the District Court’s order appr oving the Bankruptcy Court’s order confirming Zenith’s bankruptcy and restructuring plan. Zenith argues, as it did below, that the challenges posed to its restructuring plan are “equitably moot” because the plan has already been substantially consummated, has been relied upon by various parties, and would be very difficult to retract. The District Court thoroughly reviewed all of the relevant considerations and found the challenges equitably moot. We accept the lower court’s findings of fact “unless they ar e completely devoid of a credible evidentiary basis or bear no rational relationship to the supporting data,” Moody v. Security Pacific Bus. Credit, Inc., 971 F.2d 1056, 1063 (3d Cir. 1992).

Furthermore, “[b]ecause the mootness determination we review here involves a discretionary balancing of equitable and prudential factors rather than the limits of the federal court’s authority under Article III, using or dinary review principles we review that decision generally for abuse of discretion.” In re Continental Airlines, 91 F.3d 553, 560 (3d Cir. 1996) (en banc); see also In r e PWS Holding, 228 F.3d 224, 235-36 (3d Cir 2000). We find no such abuse of discretion and therefore will affir m.

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