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Elliot Associates v. LTV Corp.
Citations: 71 B.R. 251; 1986 U.S. Dist. LEXIS 16539Docket: 86 Civ. 7521 (RO)
Court: District Court, S.D. New York; December 12, 1986; Federal District Court
Appellants Elliot Associates sought to appeal a decision by Bankruptcy Judge Lifland, who denied their application to form a senior public debt-holders' committee shortly after LTV Corp. filed for Chapter 11 bankruptcy. The court's initial task was to determine whether the appeal could proceed. An appeal from a bankruptcy decision is permissible if it constitutes a final order or qualifies as an interlocutory appeal. The court concluded that Judge Lifland's ruling was not a final order, as it did not decisively resolve the issue at hand. Lifland expressed skepticism regarding the necessity for the proposed Public Debt Committee, indicating that the representation of public debt holders was currently adequate and that the situation might evolve in the future, warranting reconsideration of the committee's establishment at a later date. In assessing the possibility of an interlocutory appeal, the court noted that appellants failed to demonstrate how an immediate appeal would materially advance the litigation’s resolution. The judge found no abuse of discretion in Lifland's assessment of committee representation and supported his position that a single committee was preferable at this early stage of reorganization. Consequently, the court denied the appellants' request for leave to appeal, indicating that the current representation adequately protected their interests.