Taggart doesn’t give more protection to a purchaser of debt than it does to the original creditor, Judge Scott Grossman says.
The ‘new value’ offered by old equity in a chapter 11 plan was insufficient because it was only a small fraction of claims and because the dividend to creditors was also small.
Without allegations of an intentional tort, a willful breach of contract can’t be nondischargeable as a ‘willful and malicious’ injury.
