The LSTA submitted an amicus brief to the United States Court of Appeals for the Third Circuit in In re W.R. Grace & Co. The issue addressed by the brief was the “absolute priority rule”, the bankruptcy rule that requires that a debtor’s creditors be paid in full before its stockholders recover anything.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.