Judge: No Appeal on Enron Ruling

[InkAddict]

http://www.chron.com/disp/story.mpl/ap/fn/5160892.html

PHILADELPHIA — A federal judge in New York rebuffed on Monday a bid for an early appeal of a ruling in Enron Corp.'s bankruptcy case that major players in the distressed debt sector say has unsettled the market.

U.S. District Judge Shira A. Scheindlin said an appeal now could delay a long-awaited trial of lawsuits by Enron creditors against the company's banks, which is set to start in March 2008.

Some of Wall Street's most powerful trade groups _ including the International Swaps and Deriviatives Association, the Securities Industry and Financial Market Association and the Loan Syndications and Trading Association _ had backed an appeal. The appeal was sought by Springfield Associates LLC, which bought bankruptcy claims in the Enron case.

In an Aug. 27 ruling, Scheindlin overturned a decision by the U.S. Bankruptcy Judge Arthur Gonzalez, who was overseeing the Enron case. Gonzalez was wrong to rule last year that holders of claims against a bankrupt company could see those claims wiped out if they bought them from a seller who engaged in "inequitable conduct" such as fraud, she said..........

Translation please?

Also, isn't March, 08 when sub-primes peak?