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What does the Delaware Chancery Court’s Rural/Metro ruling mean for advisers to distressed companies? Did the court reach the right conclusion?

LightSquared next week will make its closing arguments in support of confirmation of its bankruptcy-exit plan.

Judge Shelley Chapman of the U.S. Bankruptcy Court in Manhattan will hear arguments on Monday and Tuesday on the $2.65 billion reorganization proposal.

Dry Bulk shipper Genco Shipping & Trading Ltd. has been hit hard by the shipping industry downturn and had to file for Chapter 11 bankruptcy last month, but in the period leading up to that filing, Chairman Peter Georgiopoulos did OK.

What does the Delaware Chancery Court’s Rural/Metro ruling mean for advisers to distressed companies? Did the court reach the right conclusion?

What does the Delaware Chancery Court’s Rural/Metro ruling mean for advisers to distressed companies? Did the court reach the right conclusion?