Held that a company that entered into an unconsummated merger agreement was not entitled to payment of a $275 million termination fee. The proposed merger had been approved by a bankruptcy court because one of the parties was in Chapter 11 bankruptcy. The Third Circuit held that the bankruptcy court did not err in narrowing the circumstances under which the termination fee would be triggered, resulting ultimately in no fee being paid.
Held that the bankruptcy court correctly disallowed a claim brought by the debtor’s former employee. A former television station employee argued that the station, whose owner was now in bankruptcy, was liable for unlawful racial discrimination. Affirming summary judgment against his claim, the Third Circuit concluded that he failed to raise a triable issue and, further, that it was too late for him to challenge the bankruptcy court’s jurisdiction to hear his discrimination claim, since he never objected to this during bankruptcy proceedings.