Question: On August 2 2000 Sheldon B Toibb filed a voluntary
On August 2, 2000, Sheldon B. Toibb filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code, disclosing assets that included stock in an electric power company. When he discovered that the stock had substantial value, he decided to avoid its liquidation by moving to convert his Chapter 7 case to one under Chapter 11's reorganization provisions. After the bankruptcy court granted his motion and he filed his reorganization plan, the court dismissed his petition, finding that he did not qualify for relief under Chapter 11 because he was not engaged in an ongoing business. The district court and the court of appeals affirmed. Why do you believe the U.S. Supreme Court reversed or affirmed the lower court's ruling?
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