The United States Court of Appeals for the Third Circuit recently issued a 2–1 decision affirming the ruling of the Bankruptcy Court for the District of Delaware, which reconsidered its prior approval of a $275 million termination fee in connection with a proposed merger. In re Energy Future Holdings Corp., No. 18-1109, 2018 WL 4354741, at *14 (3d Cir. Sept. 13, 2018). The Third Circuit noted that the case was "anomalous" and that reconsideration was warranted only because the Bankruptcy Court failed to discern a critical fact that profoundly altered its initial decision to approve the termination fee. Background Shortly after filing chapter 11 cases, Energy Future Holdings Corp. and Energy Future Intermediate Holding Company LLC began marketing their economic interest in the rate-regulated business of Oncor Electric Delivery Co. LLC, an electricity transmission and distribution system.