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Sunday, September 23, 2012 12:54:31 PM
As Judge Easterbrook astutely observed in Pettibone Corp. v. Easley:(13)
Once the bankruptcy court confirms a plan of reorganization, the debtor may go about its business without further supervision or approval. The firm also is without the protection of the bankruptcy court. It may not come running to the bankruptcy judge every time something unpleasant happens. Formerly a ward of the court, the debtor is emancipated by the plan of reorganization. A firm that has emerged from bankruptcy is just like any other defendant in a tort case: it must protect its interests in the way provided by the applicable non-bankruptcy law....(14)
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http://business.highbeam.com/127/article-1G1-58577004/postconfirmation-jurisdiction-bankruptcy-courts-does
To be fair to LD, there is ongoing debate about bankruptcy court's jurisdiction upon bankruptcy exit.
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