Unsuccessfully attempting to punch homes in Mirant, FERC emerged from the Fifth Circuit with no power to stop bankruptcy courts from rejecting contracts otherwise within FERC’s jurisdiction.

The appeals court avoids ruling broadly on the ability of a golden share or blocking provision to bar a company from filing bankruptcy voluntarily.

Appellate court cannot draw inferences not made in the trial court, circuit says.

Generic language won’t release third parties in the Fifth Circuit.