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Definition of "Affiliate" under 101(2)
Statutory interpretation time:
Debtor owns a 24% interest in an LLC. Debtor is not a managing
member and makes no decisions in the affairs of the LLC and has no
"voting rights".
Decisions of the LLC are made solely by two managing members, who
happen to be relatives of the debtor.
Is the LLC an affiliate as defined by 11 USC 101(2)?
I've read it several times and the phrase "of the debtor" in
subsection (A) could be interpreted to either mean that the debtor
is an entity that has voting securities or that debtor OWNS rights
to voting securities.
Anyone parse this before?
Thanks much.
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