FACT PATTERN CLARIFICATION REQUEST
1:
Is Silverman Sach’s argument that the federal bankruptcy court’s
substantive consolidation power exceeds the court’s equity powers
waived because it was not raised before the United States Court of
Appeals for the Thirteenth Circuit?
FACT PATTERN CLARIFICATION 1:
As footnote 6 of the Fact Pattern indicates, Silverman did not
raise that argument below. While competitors are free to
argue it if they wish, it may affect the scores they receive if the
judges are not convinced that the argument is appropriate.
Competitors should have at least some familiarity with that issue
so that they will be prepared to answer questions that may be
raised by the judges in the oral rounds.
FACT PATTERN CLARIFICATION REQUEST
2:
On page 8 of the fact pattern, line five of the first full
paragraph states: ". . . forced Silverman to pay STCM $5,940.000
based on . . ." My question is whether the number should be
$5,940,000 (or, five million nine hundred forty thousand dollars)
instead of $5,940.000 (or, five thousand nine hundred and forty
dollars and zero cents).
FACT PATTERN CLARIFICATION 2:
There is a typo. The period should be a comma and the correct
amount is five million nine hundred forty thousand dollars.
FACT PATTERN CLARIFICATION REQUEST
#3
I believe there is a discrepancy in the fact pattern near the top
of page 7. The facts have the Bond value decreasing 79% (from
$588.50 to $121.00, and more specifically 79.44% decrease). This
would be a decrease of $28,050,000 (from $35,310,000 to
$7,260,000). Add LIBOR of 2.82% of $33,000,000 (930,600) yields a
total payment from STCM of $28,980,600, not $29,310,600 as the fact
pattern states. If LIBOR were 3.82% (not 2.82% as the fact pattern
states), it would be a 79.44% decrease ($121 Bond value) of
$28,050,000 plus $1,260,600 LIBOR (3.82% of $33,000,000) payment
yielding $29,310,600 - the number the fact pattern states.
That was a long-winded way of saying that if LIBOR on Feb 1,
2008 was 3.82% instead of 2.82%, the fact pattern would be
consistent.
FACT PATTERN CLARIFICATION #3
You are correct. The fact pattern should list LIBOR as 3.82,
and not as 2.82, on the 8th line of page 7. The
dollar amounts remain unchanged. This change will be made on
the copy sent to judges and brief graders.