TIA victory for owner participants in Second Circuit Delta ruling


On June 22 2010 the US Court of Appeals for the Second Circuit handed down a decision which has important implications for the holders of tax indemnification agreement (TIA) claims arising from aircraft leveraged leasing transactions. The court allowed the claims of certain owner participant creditors in the Delta Air Lines, Inc bankruptcy case(1) (for further background on other TIAs please see "Applicability of tax indemnification agreements after Chapter 11 reorganization") under tax indemnification agreements (TIAs) reversing the rejection of such claims by the US Bankruptcy Court for the Southern District of New York, as affirmed on appeal to the US District Court for the Southern District of New York.

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