On Dec. 20, Judge Christopher S. Sontchi inIn re USDigital Inc. became the first Delaware bankruptcy judge to set forth his views on the meaning and significance of the Supreme Court’s decision inStern v. Marshall . Sontchi’s opinion is significant because it construes theStern decision very narrowly and signals to the bankruptcy bar that the court will continue to protect its judicial authority to enter final orders.
The issue before Sontchi was whether a count in an adversary proceeding seeking equitable subordination of claims against the debtor’s estate was a core or noncore proceeding. The court held that it was a core proceeding andStern was not applicable. Sontchi spent most of the 28-page opinion discussing and dissecting theStern decision.
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