The U.S. Supreme Court won’t hear a case challenging a...
The U.S. Supreme Court won’t hear a case challenging a bankruptcy filing of Idearc, formerly a directory publishing division of Verizon, according to an order published Monday (http://xrl.us/bm5vum). Idearc was formed in 2006 as a spinoff of Verizon’s domestic print…
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and Internet “Yellow Pages” directory publishing operation. When Idearc filed for Chapter 11 bankruptcy in 2009, shareholders sued to have the bankruptcy dismissed on the ground that it “was part of a scheme orchestrated by Verizon for the purpose of reducing its liabilities while leaving Idearc’s shareholders with crushing debt,” according to the 3rd U.S. Circuit Court of Appeals (http://xrl.us/bm5vus). The district court denied the motion to dismiss, and the 3rd Circuit affirmed. With the denial of cert, that decision will stand.