460
Thomas, J., concurring in judgment
received at least two forms of property under the plan: the exclusive opportunity to obtain equity, ante, at 454-458, and an equity interest in the reorganized entity. The plan could not be confirmed if the prepetition equity holders received any of this property "on account of" their junior interest.
The meaning of the phrase "on account of" is the central interpretive question presented by this case. This phrase obviously denotes some type of causal relationship between the junior interest and the property received or retained— such an interpretation comports with common understandings of the phrase. See, e. g., Random House Dictionary of the English Language 13 (2d ed. 1987) ("by reason of," "be-cause of"); Webster's Third New International Dictionary 13 (1976) ("for the sake of," "by reason of," "because of"). It also tracks the use of the phrase elsewhere in the Code. See, e. g., 11 U. S. C. §§ 365(f)(3), 510(b), 1111(b)(1)(A); see generally § 1129. Regardless of how direct the causal nexus must be, the prepetition equity holders here undoubtedly received at least one form of property—the exclusive opportunity—"on account of" their prepetition equity interest. Ante, at 454. Since § 1129(b)(2)(B)(ii) prohibits the prepetition equity holders from receiving "any" property under the plan on account of their junior interest, this plan was not "fair and equitable" and could not be confirmed. That conclusion, as the majority recognizes, ibid., is sufficient to resolve this case. Thus, its comments on the Government's position taken in another case, ante, at 451-454, and its speculations about the desirability of a "market test," ante, at 457-458, are dicta binding neither this Court nor the lower federal courts.
II
The majority also underestimates the need for a clear method for interpreting the Bankruptcy Code. It extensively surveys pre-Code practice and legislative history, ante, at 444-449, but fails to explain the relevance of these sources to the interpretive question apart from the conclu-
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