I agree, based on what little I learned about bankruptcy to pass the CPA exam, that Supreme Court many have made the wrong decision. I believe that they may have done so for political reasons.
This reminds me of the Supreme Court deciding that it is legal for California to tax foreign corporations on foreign profits just because California needs the money. After saying California could tax foreign corporations on the foreign profits, the Supreme Court basically told Congress to pass a law to out law the practice and Congress did. The Supreme Court knew that they were making the wrong decision, but California could not afford the Supreme Court to make the right decision.
What other rights are going to be trampled because some entity is broke?
