IN RE ENERGY FUTURE HOLDINGS CORP.

Nos. 16-1351, 16-1926, 16-1927 & 16-1928.

842 F.3d 247 (2016)

IN RE: ENERGY FUTURE HOLDINGS CORP., a/k/a TXU Corp. a/k/a TXU Corp a/k/a/ Texas Utilities, et al., Debtors. Delaware Trust Company, f/k/a CSC Trust Company of Delaware, as Indenture Trustee, Appellant v. Energy Future Intermediate Holding Company LLC; EFIH Finance Inc.; Ad Hoc Committee of EFIH Unsecured Noteholders. In re: Energy Future Holdings Corp., a/k/a TXU Corp. a/k/a TXU Corp a/k/a Texas Utilities, et al., Debtors. Computer Trust Company, NA & Computershare Trust Company of Canada, Appellants v. Energy Future Intermediate Holding Company LLC; EFIH Finance Inc.

United States Court of Appeals, Third Circuit.

Opinion filed November 17, 2016.


Attorney(s) appearing for the Case

Philip D. Anker, Esquire (Argued), Wilmer Cutler Pickering Hale and Dorr LLP, 7 World Trade Center, 250 Greenwich Street, New York, NY 10007, Danielle Spinelli, Esquire , Joel Millar, Esquire , David Gringer, Esquire , Isley Gostin, Esquire , Wilmer Cutler Pickering Hale and Door LLP, 1875 Pennsylvania Avenue, N.W., Washington, DC 20006, James H. Millar, Esquire , Drinker Biddle & Reath, 1177 Avenue of the Americas, 41st Floor, New York, NY 10036, Todd C. Shiltz, Esquire , Drinker Biddle & Reath LLP, 222 Delaware Avenue, Suite 1410, Wilmington, DE 19801-1612, Norman L. Pernick, Esquire , J. Kate Stickles, Esquire , Cole Schotz PC, 500 Delaware Avenue, Suite 1410, Wilmington, DE 19801, Counsel for Appellant Delaware Trust Company.

Daniel J. DeFranceschi, Esquire , Jason M. Madron, Esquire , Mark D. Collins, Esquire , Richards Layton & Finger, 920 North King Street, One Rodney Square, Wilmington, DE 19801, Andrew R. McGaan, Esquire (Argued), James H.M. Sprayregen, Esquire , Marc Kieselstein, Esquire , Chad J. Husnick, Esquire , Steven N. Serajeddini, Esquire , Kirkland & Ellis, 300 North LaSalle Street, Suite 2400, Chicago, IL 60654, Edward O. Sassower, Esquire , Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, Michael A. Petrino, Esquire , Kirkland & Ellis, 655 15th Street, N.W., Suite 1200, Washington, DC 20005, Counsel for Appellees Energy Future Intermediate Holding Company LLC; EFIH Finance Inc.

Joshua K. Brody, Esquire , Gregory A. Horowitz, Esquire (Argued), Thomas M. Mayer, Esquire , Jeffrey S. Trachtman, Esquire , Kramer Levin Natfalis & Frankel, 1177 Avenue of the Americas, New York, NY 10032, Laura D. Jones, Esquire , James E. O'Neill, III, Esquire , Robert J. Feinstein, Esquire , Pachulski Stang Ziehl & Jones, 919 North Market Street, P.O. Box 8705, 17th Floor, Wilmington, DE 19801, Stephanie Wickouski, Esquire , Bryan Cave LLP, 1290 Avenue of the Americas, New York, NY 10104-3300, Counsel for Appellants Computershare Trust Company, N.A.; Computershare Trust Company of Canada.

Before: AMBRO, SMITH, and FISHER, Circuit Judges.


OPINION OF THE COURT

We address what happens when one provision of an indenture for money loaned provides that the debt is accelerated if the debtor files for bankruptcy and while in bankruptcy it opts to redeem that debt when another indenture provision provides for a redemption premium. Does the premium,

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