The Second Circuit Court of Appeals recently heard arguments in a case that could have substantial implications on the trading of bankruptcy claims. While the court could choose to resolve the case, Longacre Master Fund, Ltd. v.
The Third Circuit Court of Appeals issued an en banc opinion (pdf) today in which it overruled the Frenville standard for determining the existence of a "claim" for purposes of Section 101(5) of the Bankruptcy Code.
