Bankruptcy — settlements

By: WISCONSIN LAW JOURNAL STAFF//August 9, 2012//

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United States Court of Appeals For the Seventh Circuit

Civil

Bankruptcy — settlements

A party must show prejudice to object to a settlement in bankruptcy.

“The bankruptcy court’s issuance of an order that contains language purporting to reform the lease agreements and simultaneously disclaiming the consequences of that language may be perplexing. However, the representations of Republic at oral argument that the settlement will not be used to limit the litigation positions of First Premier or any other third party are reassuring. The settlement does not reform the lease modifications. It merely stands as an agreement between the two parties that the lease modification agreements are flawed with a typo. Republic does not claim that this agreement binds third parties.”

Affirmed.

11-3905 In re Equipment Acquisition Resources, Inc.

Appeal from the United States District Court for the Northern District of Illinois, Bucklo, J., Cudahy, J.

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