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Federal Credit Union Held to Be a ‘Governmental Unit’ for All Purposes

Although federal credit unions are not controlled by the government, they are governmental units under the Bankruptcy Code, Judge Jacobvitz says.

An ‘Affiliate’ of a Public Company Is Barred from Reorganizing Under Subchapter V

To measure eligibility for subchapter V, the debtor must not be an affiliate of a public company that has 20% or more of the ‘voting securities.’

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