Third Circuit’s Warning Shot to Senior Creditors in In re Tribune

In re Tribune Co., 972 F.3d 228, 2020 U.S. App. LEXIS 27157 (3d Cir. Aug. 26, 2020); In re Croatan Surf Club LLC, 2011 Bankr. LEXIS 4517 (Bankr. E.D.N.C. Oct. 25, 2011); In re TCI 2 Holdings LLC, 428 B.R. 117 (Bankr. D.N.J. 2010); Ion Media Networks Inc. v. Cyrus Select Opportunities Master Fund Ltd. (In re Ion Media Networks Inc.), 419 B.R. 585 (Bankr. S.D.N.Y. 2009).