IN RE: TRIBUNE MEDIA COMPANY f/k/a Tribune Company, f/k/a Times Mirror Corporation, et al., Debtor, AURELIUS CAPITAL MANAGEMENT, L.P., Appellant (14-3332), DEUTSCHE BANK TRUST COMPANY AMERICAS; LAW DEBENTURE TRUST COMPANY OF NEW YORK, Appellant (14-3333), 799 F.3d 272

Summary

HOLDINGS: [1]-A hedge fund's appeal from a bankruptcy court's order confirming the debtor's Chapter 11 plan of reorganization was equitably moot because the plan was consummated, the hedge fund spurned the offer of a stay accompanied by a bond, and allowing the relief the appeal sought would have effectively undermined the settlement (along with the transactions entered in reliance on it) and, as a result, recalled the entire plan for a redo; [2]-The trustees' appeal was not equitably moot because, assuming the trustees prevailed on the merits, a class of holders must have forgone gains to which they were never entitled, other third parties would not have been harmed, and the plan would not have been even remotely called into question.