NextEra Energy Inc. v. Elliott Associates L.P.

Whether a debtor"s decision to agree to a negotiated breakup fee as part of a sale transaction should be reviewed by the bankruptcy court under the deferential "business judgment rule" of 11 U.S.C. § 363, as the U.S. Court of Appeals for the 5th Circuit has held, or under the heightened standard of 11 U.S.C. § 503, which requires the bankruptcy court to decide on the debtor"s behalf whether the fee is necessary, as the U.S. Court of Appeals for the 3rd Circuit held below.