J.P. Morgan late Monday said it wants to move the case out of bankruptcy court, citing the precedent of a recent Supreme Court case that involved, yup, Anna Nicole Smith, her long-dead oil tycoon husband J. Howard Marshall and Smith’s former boyfriend and lawyer, Howard K. Stern. The case was the second time the Supreme Court had weighed in on the the long-simmering dispute over who should collect money from J. Howard Marshall’s estate.
In the June ruling that has proved contentious in bankruptcy circles, the Supreme Court said a bankruptcy court didn’t have power to decide on cases beyond bankruptcy.
At issue was whether the bankruptcy court, which awarded Smith millions of dollars, should be able to wipe out the ruling of the Texas probate court, which ruled for J. Howard Marhsall’s son. (Both Smith and Pierce Marshall have since died.)
J.P. Morgan, taking the place of Pierce Marshall this time, said its court battle with Lehman similarly belongs in a federal court — not in the same New York bankruptcy court also sorting through the leftover bits of Lehman.
Read the rest of the article at the Wall Street Journal
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