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Baroda Hill Investments, Ltd. v. Telegroup, Inc.

Creditor's claim for breach of stock purchase agreement requiring debtor to use best efforts to ensure that stock was registered and freely tradeable "arose from" stock purchase and thus was subordinated under 11 U.S.C. ' 510(b).

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Argued: October 11, 2001

OPINION OF THE COURT

This bankruptcy appeal requires us to construe 11 U.S.C. S 510(b), which provides for the subordination of any claim for damages “arising from the purchase or sale” of a security of the debtor. The appeal arises out of a Chapter 11 Bankruptcy petition filed by appellee Telegroup, Inc. Appellants Baroda Hill Investments, Ltd., LeHeron Corporation, Ltd., and Kimble John Winter (“claimants” or “appellants”) are shareholders of Telegroup who filed proofs of claim in the bankruptcy proceeding seeking damages for Telegroup’s alleged breach of its agreement to use its best efforts to ensure that their stock was registered and freely tradeable. Claimants appeal from an order of the District Court affirming the Bankruptcy Court’s order subordinating their claims against the bankruptcy estate pursuant to S 510(b).

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