Cite as: 526 U. S. 434 (1999)
Stevens, J., dissenting
tory construction we shall use for the next Bankruptcy Code case." Dewsnup, supra, at 435 (Scalia, J., joined by Souter, J., dissenting). Regrettably, subsequent decisions in the lower courts have borne out the dissenters' fears. The methodological confusion created by Dewsnup has en-shrouded both the Courts of Appeals and, even more tell-ingly, Bankruptcy Courts, which must interpret the Code on a daily basis.3 In the wake of Dewsnup, the Fifth Circuit withdrew its decision on the new value exception, prompting the author of the original opinion to observe that Dewsnup had clouded "[h]ow one should approach issues of a statutory construction arising from the Bankruptcy Code." In re Greystone III Joint Venture, 995 F. 2d 1274, 1285 (CA5 1991) (Jones, J., dissenting). Unfortunately, the approach taken today only thickens the fog.
Justice Stevens, dissenting.
Prior to the enactment of the Bankruptcy Reform Act of 1978, this Court unequivocally stated that there are circumstances under which stockholders may participate in a plan of reorganization of an insolvent debtor if their participation is based on a contribution in money, or in money's worth, reasonably equivalent in view of all the circumstances
3 See, e. g., In re Southeast Banking Corp., 156 F. 3d 1114, 1123, n. 16 (CA11 1998); In re Greystone III Joint Venture, 995 F. 2d 1274 (CA5 1991) (per curiam) (vacating prior panel decision regarding new value exception apparently in light of Dewsnup); 995 F. 2d, at 1285 (Jones, J., dissenting); In re Kirchner, 216 B. R. 417, 418 (Bkrtcy. Ct. WD Wis. 1997); In re Bowen, 174 B. R. 840, 852-853 (Bkrtcy. Ct. SD Ga. 1994); In re Dever, 164 B. R. 132, 138 (Bkrtcy. Ct. CD Cal. 1994); In re Mr. Gatti's, Inc., 162 B. R. 1004, 1010 (Bkrtcy. Ct. WD Tex. 1994); In re Taffi, 144 B. R. 105, 112-113 (Bkrtcy. Ct. CD Cal. 1992), rev'd, 72 A. F. T. R. 2d ¶ 93-5408, p. 93-6607 (CD Cal. 1993), aff'd in part and rev'd in part, 68 F. 3d 306 (CA9 1995), aff'd as modified, 96 F. 3d 1190 (CA9 1996) (en banc), cert. denied, 521 U. S. 1103 (1997); In re A. V. B. I., Inc., 143 B. R. 738, 744-745 (Bkrtcy. Ct. CD Cal. 1992), holding rejected by In re Bonner Mall Partnership, 2 F. 3d 899, 912-913 (CA9 1993), cert. granted, 510 U. S. 1039, vacatur denied and appeal dism'd as moot, 513 U. S. 18 (1994).
463
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