LSTA submits Third Circuit amicus brief in W.R. Grace on absolute priority

The LSTA submitted an amicus brief to the U.S. Court of Appeals for the Third Circuit in In re W.R. Grace & Co., according to an LSTA item dated Aug. 11. The issue the brief addressed was the absolute priority rule, which the association describes as the bankruptcy rule requiring that a debtor's creditors be paid in full before its stockholders recover anything.

The item does not set out the association's argument in the case, and it does not describe the underlying dispute or the proceeding's status.