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MATTER OF LINN ENERGY, L.L.C.

No. 18-40369. Consolidated With 18-40731.

936 F.3d 334 (2019)

In the MATTER OF LINN ENERGY, L.L.C.; Berry Petroleum Company, L.L.C.; LinnCo, L.L.C.; Linn Acquisition Company, L.L.C.; Linn Energy Finance Corporation; Linn Exploration; Production Michigan, L.L.C.; Linn Exploration Midcontinent, L.L.C.; Linn Midstream, L.L.C.; Linn Midwest Energy, L.L.C.; Linn Operating, Incorporated; Midcontinent I, L.L.C.; Mid-Continent II, L.L.C.; Mid-Continent Holdings II, L.L.C., Debtors. Dana French, personal representative of the Estate of Clarence J. "Peter" Bennett, Appellant, v. Linn Energy, L.L.C.; Berry Petroleum Company, L.L.C.; LinnCo, L.L.C., Appellees. In the Matter of Linn Energy, L.L.C.; Berry Petroleum Company, L.L.C.; LinnCo, L.L.C.; Linn Acquisition Company, L.L.C.; Linn Energy Finances Corporation; Linn Exploration; Production Michigan, L.L.C.; Linn Exploration Midcontinent, L.L.C.; Linn Midstream, L.L.C.; Linn Midwest Energy, L.L.C.; Linn Operating Incorporated; Mid-Continent I, L.L.C.; Mid-Continent II, L.L.C.; Mid-Continent Holdings II, L.L.C., Debtors. Bruce D. Bickel, personal representative of the Estate of Clarence J. "Peter" Bennett, Appellant, v. Linn Energy, L.L.C.; Berry Petroleum Company, L.L.C.; LinnCo, L.L.C., Appellees.

United States Court of Appeals, Fifth Circuit.

Filed September 3, 2019.

Attorney(s) appearing for the Case

Kurt F. Vote , John Patrick Kinsey, Esq. , Micaela L. Neal , Wanger Jones Helsley, P.C., Fresno, CA, for Appellant.

Jamie Alan Aycock, Mark C. Holden, Esq. , Anna Rotman, Kirkland & Ellis, L.L.P., Houston, TX, for Appellee Linn Energy, L.L.C., LinnCo, L.L.C.

Benjamin Isadore Finestone, William Balden Adams , Quinn Emanuel Urquhart & Sullivan, L.L.P., New York, NY, William Richard Greendyke , Norton Rose Fulbright US, L.L.P., Houston, TX, for Appellee Berry Petroleum Company, L.L.C.

Before CLEMENT, HAYNES, and WILLETT, Circuit Judges.

In this case we decide that payments owed to a shareholder by a bankrupt debtor, which are not quite dividends but which certainly look a lot like dividends, should be treated like the equity interests of a shareholder and subordinated to claims by creditors of the debtor. We therefore affirm.

I.

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