In re Majestic Star Casino, LLC, et al., Nos. 12-3200/3201, 2013 U.S. App. LEXIS 10186 (3d Cir. May 21, 2013)

(Chapter 11 case involving issue of whether non-debtor parent company's pre-petition abandonment of subchapter S tax status is void as a post-petition transfer of property of the bankruptcy estate or is avoidable; upon revocation of S election, debtor subsidiary converted to LLC from a qualified Sub-S subsidiary; bankruptcy court ordered reinstatement of S and QSUB statuses respectively; on appeal, court vacated bankruptcy court decision on basis that QSUB status not "property" of bankruptcy estate because such status not "property"; S and QSUB status is not property, and it can be revoked at will by S corporation shareholders; definition of "property" contained in 11 U.S.C. Sec. 541(a)(1) not satisfied; as a result, debtors lacked standing to initiate adversary proceeding seeking avoidance of "transfer" of debtor's QSUB status).