Highland’s independent board, installed during bankruptcy proceedings, did not alter the disputed agreements. The bankruptcy court found that Highland had not breached its contracts and ruled that NexPoint owed for the services provided.
Judges Probe Both Sides
The three-judge panel — U.S. Circuit Judges Jerry E. Smith, Carl E. Stewart, and Stuart Kyle Duncan — pressed both parties during oral arguments. NexPoint argued that the payments were unjustified given staff reductions, while Highland maintained that it fulfilled its contractual obligations and provided agreed-upon services.
