In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision.  Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.

policy becomes a composite of factors that bear on a better answer to the question, ‘How shall the losses be distributed?’ ”). Slain and Kripke argued that “[t]he situation with which we are concerned involves two risks: (1) the risk of business insolvency from whatever cause; and (2) the risk of illegality in securities issuance.” Slain & Kripke, supra, at 286. Analyzing the first risk — that of business insolvency-Slain and Kripke observed that the absolute priority rule allocates this risk to shareholders. Under the absolute priority rule, “stockholders seeking to recover their investments cannot be paid before provable creditor claims have been satisfied in full.” Id. at 261; see generally Consol. Rock Prods. Co. v. Du Bois, 312 U.S. 510, 520-21, 61 S.Ct. 675, 85 L.Ed. 982 (1941) (<HOLDING>); Case v. Los Angeles Lumber Prods. Co., 308 
 Holding statements: (A) holding that claims raised in later litigation were barred because they could have been fully litigated in chapter 11 reorganization process (B) holding that stockholders cannot participate in a plan of reorganization unless creditors claims have been satisfied in full (C) holding that plan language giving plan administrator power to determine which employees are eligible to participate in the plan and providing all parties dealing with the plan an interpretation of plan provisions on request indicates deferential standard of review of trustee eligibility decisions (D) holding that remedies provided in the bankruptcy code for enforcing a chapter 11 plan of reorganization are not exclusive (E) holding that debtor whose plan of reorganization had been confirmed by bankruptcy court could not later bring lender liability claims against creditors where those claims could have been raised in bankruptcy proceeding
(B)

S. Sprouse Residuary Trust, which is a named defendant in this action. For the sake of simplicity, we will refer only to Mr. Sprouse in this opinion. 4 .Ms. Bagwell, who is not a lawyer, also testified that she thought that the original five-year lease was on "a year[-]to[-]year basis.” 5 . Mr. Sprouse did not take issue with the $534 award for the damage to Mr. Ellis's corn crop. 6 . See also 2 Friedman on Leases § 14.301, at 915 (noting that payment of increased rent under an option constitutes an acceptance of the option). 7 . Painter v. Town of Groveland, 79 So.2d 765, 767 (Fla.1955) (finding such a presumption contrary to statute); Branagen v. Winders & Alm, 194 Iowa 461, 187 N.W. 440, 440-41 (Iowa 1922); Schiltz v. Teledirect Int'l, Inc., 524 N.W.2d 671, 674 (Iowa Ct.App.1994) (<HOLDING>); Elec. Sales Eng’rs, Inc. v. Urban Renewal & 
 Holding statements: (A) holding there was no renewal but finding estoppel on the part of the landlord (B) holding that the district courts finding of no discrimination under title vii was not clearly erroneous because the finding was supported by the record (C) holding that the district courts finding of no discrimination was not clearly erroneous because the finding was supported by the record (D) recognizing the abuse of discretion standard and the requirement of evidentiary support for a finding of estoppel (E) holding that estoppel was a question of fact
(A)

the issue on direct appeal” of his conviction. (Resp.’s Ex. 2, County Court Order Dated Sept. 1, 2009, Aug. 26, 2010, ECF No. 8-4.) Noting that “[t]he purpose of a 440.10 [motion] is to advise the Court of facts that were unknown at the time of the judgment,” the County Court rejected Petitioner’s legal insufficiency claim as unpreserved since it relied entirely on matters of record being improperly raised for the first time. Id. Failure to preserve an issue for state appellate review by not raising it on direct appeal is clearly an adequate and independent procedural ground recognized in New York and one on which the County Court relied in denying Petitioner’s motion to vacate judgment. See, e.g., People v. Cooks, 67 N.Y.2d 100, 103-04, 500 N.Y.S.2d 503, 491 N.E.2d 676 (N.Y.1986) (<HOLDING>); see also People v. Jossiah, 2 A.D.3d 877, 769 
 Holding statements: (A) holding that an issue not raised on direct appeal of sentence is barred by the law of the case from presentation in a subsequent appeal (B) recognizing that the rule disallowing matters of record to be raised on a 44010 motion is designed to prevent cpl 44010 from being employed as a substitute for direct appeal when defendant was in a position to raise an issue on appeal or could readily have raised it on appeal but failed to do so (C) holding that an issue not raised in the trial court cannot be raised for the first time on appeal (D) holding claims must be raised on direct appeal or waived (E) holding that an issue not raised on appeal is waived

(B)