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IN RE MERRIMAC PAPER CO., INC.

No. 05-1010.

420 F.3d 53 (2005)

In re MERRIMAC PAPER COMPANY, INC., Debtor, Merrimac Paper Company, Inc., Plaintiff, Appellee, v. Ralph Harrison, Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided August 25, 2005.

Attorney(s) appearing for the Case

Thomas P. Smith, with whom Caffrey & Smith, P.C. was on brief, for appellant.

Ellen L. Beard, Senior Appellate Attorney, U.S. Department of Labor, with whom Howard M. Radzely, Solicitor of Labor, Timothy D. Hauser, Associate Solicitor, and Elizabeth Hopkins, Counsel, were on brief, for Secretary of Labor, amicus curiae (in support of reversal).

Gary R. Greenberg, Louis J. Scerra, Jr., Annapoorni R. Sankaran, and Greenberg Traurig, LLP on brief for Peter Shapiro and a Certified Class of Persons and Entities Similarly Situated, amici curiae (in support of reversal).

James F. Wallack, with whom Rafael Klotz and Goulston & Storrs, P.C., were on brief, for appellee.

Before SELYA, LYNCH, and HOWARD, Circuit Judges.

SELYA, Circuit Judge.

This case raises important questions about the ability of bankruptcy courts to subordinate claims arising from stock redemption installment payments that trace their origin to ERISA-qualified retirement plans. After reviewing recent Supreme Court precedents, we hold, as a general matter, that bankruptcy courts may not use their powers of equitable subordination to downgrade stock redemption claims on a categorical basis; instead, they must evaluate...

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