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Third Circuit’s Judge Bibas says that courts use the wrong nomenclature when they say that creditors lack standing to pursue claims belonging to the estate. It’s a question of statutory authority, he said, not standing.

The bankruptcy court had ‘core’ jurisdiction over a dispute between two nondebtor third parties because the litigation involved the interpretation of a financing order.

The Third Circuit wrote an important decision on distributing collateral under an intercreditor agreement, but it wasn’t precedential.

Third Circuit leaves open the question of whether distributions to shareholders in chapter 11 must follow FINRA rules.