Search:
Weekly Caselaw Updates

Sign up here to receive a weekly email with summaries of every precedential case out of the Third Circuit and the appellate courts in Pennsylvania and New Jersey. No fluff. No filler. No fee.

In re Orexigen Therapeutics, Inc.

3rd Circuit

March 19, 2021

The Third Circuit used In re Orexigen Therapeutics, Inc. to clarify the meaning of “mutual” in the Bankruptcy Code provision that allows parties to invoke setoff rights when the debts they owe one another are mutual. Two companies wanted to setoff their debts to a company proceeding through bankruptcy according to a prior contact that allowed certain setoffs. But the setoff requested through bankruptcy was a “triangular setoff” among three parties, not the “mutual” one that was allowable under ยง 553 of the Bankruptcy Code.

Scroll down to read the court's full opinion
IF YOU HAVE ANY OF THESE

Heavy Workload

Heavy Workload

 Vacation

Vacation

 Other<br />Personal<br />Commitments

Other
Personal
Commitments

Hiring Attorney Contact Us
Sullivan Simon
Attorneys with 20+ years of litigation experience.

requests basic information
about case
Within 24 hours,

flat-fee quote

Delivers Final
Product
  • On Time
  • On Budget
  • Ready to File