Ninth Circuit Backs Bankruptcy Plan for Company With Marijuana Ties
"Resolution of this appeal rests on a straightforward question of statutory interpretation rather than on any conflict between federal and state drug laws," McKeown wrote.
May 02, 2019 at 07:38 PM
4 minute read
Over the objections of the U.S. Department of Justice, a federal appeals court on Thursday backed the bankruptcy filing of a real estate holding company that has indirect ties to the marijuana industry.
A three-judge panel of the U.S. Court of Appeals for the Ninth Circuit affirmed the Chapter 11 repayment plan submitted by Cook Investments of Arlington, Washington.
The U.S. trustee, part of a Justice Department program overseeing the administration of bankruptcy cases, had argued that a bankruptcy court should reject the plan because the company received rental income from a state-licensed marijuana grower.
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