The “Substantial Contribution” Test for Indenture Trustees: Is It an Unfair Requirement?

In the Matter of Southeastern Grocers LLC, No. 18-10700 (MFW), (Bankr. D. Del. 2018); Davis v. Elliott Mgmt. Corp. (In re Lehman Bros. Holdings Inc.), 508 B.R. 283, 290 (S.D.N.Y. 2014); Beck v. Manufacturers Hanover Trust Co., 218 A.D.2d 1, 13 (N.Y. App. Div. 1995); In re Exide Techs., No. 13¬11482 (KJC) (Bankr. D. Del. March 27, 2015); In re Washington Mut. Inc., No. 08-12229 (MFW) (Bankr. D. Del. Feb. 24, 2012); In re Energy Future Holdings Corp., Case No. 14-10979 (Bankr. D. Del. 2014); In re Adelphia Communications Corp., 441 B.R. 6 (Bankr. S.D.N.Y. 2010); In re Lehman Brothers Holdings Inc., 487 B.R. 181 (Bankr. S.D.N.Y. 2013), rev’d, 508 B.R. 283 (S.D.N.Y. 2014).