In Adler v. Energy Debt Holdings, the Fifth Circuit affirmed dismissal of a bankruptcy debtor’s suit to invalidate a competing lienholder’s note, holding his claim was barred by the terms of a cash-collateral order.
Judge Willett’s concurrence questioned the basis for the bankruptcy court’s decision – judicial estoppel – arguing that the doctrine “was unknown at the Founding, surfaced in state law decades later, and then spread rapidly through the federal courts without any settled account of its source or limits.” He examined the three possible sources of the doctrine—equity, inherent power, and common law—and concluded that none supports judicial estoppel as it is currently applied across unrelated proceedings, without reliance, and sometimes to extinguish entire claims.
Judge Willett emphasized that the doctrine’s appeal—preventing litigants from playing “fast and loose” with the courts—does not itself confer judicial power, and that existing legal tools such as perjury statutes, contempt, sanctions, equitable estoppel, and preclusion already address the same misconduct with identifiable sources and defined limits. No. 25-20475, Aug. 6, 2026. (Enthusiasts of judicial estoppel my enjoy my 1999 article suggesting that it be treated as a way to enforce certain judicial admissions across separately filed lawsuits.)


























































































A civilian treatement of contract formation appears in 










































