U.S. Bankruptcy Judge Brendan L. Shannon of the District of Delaware confirmed a plan of reorganization and upheld the validity of a post-petition lockup agreement in In re Indianapolis Downs, Case No. 11-11046, in a 28-page opinion issued in late January.
Shannon denied a motion to "designate" the votes of parties to a post-petition plan support agreement pursuant to Section 1126(e) of the Bankruptcy Code. In doing so, he distinguished and discounted rulings in In re Stations Holdings, Case No. 02-10882 (MFW) (Bankr. D. Del. 2002) (order dated September 30, 2002) [Docket No. 177], and In re NII Holdings, Case No. 02-11505 (Bankr. D. Del. 2002) (order dated October 25, 2002) [Docket No. 367], which were often cited to as limiting the effectiveness of post-petition lockup agreements in the District of Delaware.
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