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IN RE SEAQUEST DIVING, LP

No. 08-20516.

579 F.3d 411 (2009)

In The Matter of: SEAQUEST DIVING, LP; SeaQuest General Holdings, LLC, Debtors. SeaQuest Diving, LP; SeaQuest General Holdings, LLC; Ryan Marine Services, Inc.; Emmons & Jackson, P.C., Plaintiffs-Appellees, v. S&J Diving, Inc.; Stanley Earle Jones, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

August 12, 2009.

Attorney(s) appearing for the Case

Steven Douglas Shurn, Hughes, Watters & Askanase, Houston, TX, Rodney Lawrence Poirot, Cavazos, Hendricks, Poirot & Dewey, Dallas, TX, for SeaQuest Diving, LP and SeaQuest Gen. Holdings, LLC.

Michael P. Ridulfo, Brown McCarroll, Houston, TX, for Ryan Marine Services, Inc.

Patrick Lamont Hughes (argued), Haynes & Boone, L.L.P., Houston, TX, for Emmons & Jackson, P.C.

Craig E. Power, Diane M. Guariglia (argued), Cokinos, Bosien & Young, Lawrence Joseph Maun, Houston, TX, for S&J Diving, Inc. and Jones.

Before BARKSDALE, DeMOSS and STEWART, Circuit Judges.

DeMOSS, Circuit Judge:

In this appeal, we must address whether a $2,742,014 unsecured claim based on a state court judgment is subject to mandatory subordination under 11 U.S.C. § 510(b) because it arose from the rescission of a purchase or sale of a security of the debtor. This is an issue of first impression in this Circuit. For the reasons stated in this opinion, we affirm the decision of the bankruptcy court subordinating the claim.

I. Factual...

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