IN RE: The HERTZ CORPORATION, et al., Reorganized Debtors.
Wells Fargo Bank, N.A., as Indenture Trustee Appellant
v.
The Hertz Corporation; Dollar Rent A Car, Inc.; Dollar Thrifty Automotive Group, Inc.; Donlen Corporation; DTG Operations, Inc.; DTG Supply, LLC; Firefly Rent A Car LLC; Hertz Car Sales LLC; Hertz Global Services Corporation; Hertz Local Edition Corp.; Hertz Local Edition Transporting, Inc.; Hertz System, Inc.; Hertz Technologies, Inc.; Hertz Transporting, Inc.; Rental Car Group Company, LLC; Smartz Vehicle Rental Corporation; Thrifty Car Sales, Inc.; Thrifty, LLC; Thrifty Insurance Agency, Inc.; Thrifty Rent A Car System, LLC; and TRAC Asia Pacific, Inc.
U.S. Bank National Association, as Indenture Trustee
v.
The Hertz Corporation.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued on October 25, 2023.
Opinion filed November 6, 2024.
Attorney(s) appearing for the Case
Donald Burke, John B. Goerlich, Wilkie Farr & Gallagher, 1875 K Street, NW, Washington, DC 20006, Daniel Forman, Mark T. Stancil (Argued), Rachel C. Strickland, Wilkie Farr & Gallagher, 787 Seventh Avenue, New York, NY 10019, Matthew B. Lunn, Edmon L. Morton, Joseph M. Mulvihill, Young Conaway Stargatt & Taylor, 1000 N. King Street, Rodney Square, Wilmington, DE 19801, Counsel for Appellant Wells Fargo Bank, NA.
Christopher Fong, Nixon Peabody, 55 W. 46th Street, Tower 46, New York, NY 10036, Richard C. Pedone, Nixon Peabody, 53 Exchange Place, Boston, MA 02109, Kevin S. Mann, Michael L. Vild, Cross & Simon, 1105 N. Market Street, Suite 901, P.O. Box 1380, Wilmington, DE 19899, Counsel for Appellee US Bank, NA.
Paul D. Clement (Argued), Mariel A. Brookins, C. Harker Rhodes, IV, Clement & Murphy, 706 Duke Street, Alexandria, VA 22314, Aaron Colodny, White & Case, 555 S. Flower Street, Suite 2700, Los Angeles, CA 90071, Thomas E. Lauria, White & Case, 200 S. Biscayne Boulevard, Suite 4900, Miami, FL 33131, David M. Turetsky, White & Case, 1221 Avenue of the Americas, New York, NY 10020, Jason N. Zakia, White & Case, 111 S. Wacker Drive, Suite 5100, Chicago, IL 33130, Ricardo Palacio, Ashby & Geddes, 500 Delaware Avenue, P.O. Box 1150, 8th Floor, Wilmington, DE 19899, Counsel for Appellee Hertz Corp.
Before: KRAUSE, PORTER, and AMBRO, Circuit Judges.
OPINION OF THE COURT
AMBRO, Circuit Judge.
Bankruptcy is a lesson in leverage. It involves money and to whom it goes. The more advantage (leverage) a party has, the more it influences who gets paid. In a Chapter 11 case, the parties with more leverage control the reorganization, while those with less often must sit on the sidelines and...
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