Lomas Financial Corp. v. Northern Trust Co. (In Re Lomas Financial Corp.)

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• noting that one of the individual Defendants devoted in excess of 50% of his time to chairing the corporation’s reorganization task force and that the other individual Defendant was a “key staff member” of said task force
• staying a lawsuit because “key personnel would be distracted from participating in the reorganization process”
• suit against officers for making misrepresentation upon which creditor relied in making loan to debtor corporation; adverse judgment could collaterally estop debtor’s defenses
• in case involving allegations against officers of the debtor, the court noted that “it is not possible for the debtor to be a bystander to a suit which may have a $20 million issue preclusion effect against it in favor of a pre-petition creditor”
• debtor corporation “require[d]” to indemnify its officers

Source: CourtListener parenthetical corpus (CC0).