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IN RE MONTREAL, MAINE & ATLANTIC RAILWAY, LTD.

No. 17-1912.

888 F.3d 1 (2018)

IN RE MONTREAL, MAINE & ATLANTIC RAILWAY, LTD., Debtor. Robert J. Keach, solely in his capacity as the Chapter 11 trustee for Montreal, Maine & Atlantic Railway, Ltd., Appellant, v. Wheeling & Lake Erie Railway Company, Appellee.

United States Court of Appeals, First Circuit.

April 18, 2018.

Attorney(s) appearing for the Case

Robert J. Keach , with whom Lindsay K.Z. Milne , Roma N. Desai , and Bernstein, Shur, Sawyer & Nelson, P.A., Portland, ME, were on brief, for appellant.

George J. Marcus , with whom David C. Johnson , Andrew C. Helman , and Marcus, Clegg & Mistretta, P.A., Portland, ME, were on brief, for appellee.

Before Thompson, Circuit Judge, Souter, Associate Justice, and Selya, Circuit Judge.

This appeal requires us to explore the labyrinth of high-stakes bankruptcy law to determine whether the proceeds of a multi-million-dollar sale of certain railroad lines constituted property of the bankruptcy estate. Although we are skeptical of the rationale employed by the courts below and thread our way through this maze...

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