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In so doing, Judge Gross rejected and disagreed with a previous holding of the Delaware Bankruptcy Court wherein the court found that gift cards fall under the definition of “deposit” and accorded them priority status under the Bankruptcy Code.
Prior to the Debtors’ bankruptcy filing, the parties entered into a Master Construction Agreement (“”) pursuant to which CRM would provide services and items necessary to complete the work described in purchase orders to be issued from time to time under the agreement.
The Master Agreement refers to each purchase order issued by New Page as a separate contract, and the purchase orders either reference the Master Agreement directly or through another purchase order.
However, as with most legal standards, exceptions do arise.
A client may not invoke the privilege in furtherance of fraudulent activity; similarly, debtors should not be able to invoke the privilege when a committee is seeking to protect the interests of the unsecured creditors, which were harmed as a result of debtors’ business judgments.