Full opinion text
KING and HAYNES, Circuit Judges: Ideare, Inc. is a Delaware corporation that was spun-off from its parent corporation, Verizon Communications, Inc., in 2006. In March 2009, in the throes of the recession that began in 2008, Ideare filed for bankruptcy protection pursuant to Chapter 11. The confirmed plan of reorganization created a litigation trust to pursue, inter alia, Idearc’s fraudulent transfer claims against Verizon and related parties. The Trustee, U.S. Bank National Association, filed this lawsuit against Verizon and two of its subsidiaries, GTE Corporation and Verizon Financial Services, L.L.C., and against former Ideare director John W. Diercksen, alleging various federal and state law claims in connection with the spin-off. The Trustee requested a jury trial, but the district court struck the jury demand and bifurcated the trial into two phases. For the first phase, the district court held a ten-day bench trial on a single fact issue: the value of Ideare following the spin-off transaction. The district court found that Ideare was solvent on the date of the spinoff, and it ordered the Trustee to show cause as to why the district court should not enter judgment against the Trustee on all of its remaining claims. After the parties submitted briefing, the district court issued its conclusions of law and entered judgment against the Trustee. The Trustee now appeals: the order striking the jury demand; evidentiary rulings before and during the trial; the findings of fact; the conclusions of law; and several pretrial rulings on dispositive motions. For the following reasons, we AFFIRM the judgment of the district court. I. Factual and Procedural Background In 2005, the board of directors of Verizon Communications, Inc. (‘Verizon”) decided to spin-off Verizon’s domestic print and electronic directories business into an independent company pursuant to 26 U.S.C. § 355. As a spin-off under § 355, the formation of the business would be tax-free to Verizon and its shareholders. To effectuate the spin-off, Verizon created Ideare, Inc. (“Ideare”), a Delaware corporation. Verizon chose John W. Diercksen, head of Verizon’s strategic planning and former head of Bell Atlantic’s yellow pages business, to lead the spin-off for Verizon and serve as the “pre-spin” director of Ideare. On June 20, 2006, the certificate of incorporation for Ideare was filed, authorizing one hundred shares of common stock. The bylaws initially required that the corporation have a two-member board of directors and provided that those two members would constitute a quorum. Only Diercksen was originally appointed to the board of directors. Diercksen appointed Kathy Harless, who had previously run Verizon’s directory business, as President of Ideare. Diercksen then authorized Harless to issue one share of common stock and to sell that share to Verizon. Ideare continued basically as a shell corporation until the consummation of the spin-off. Verizon hired JP Morgan and Bear Sterns to conduct due diligence on the directories business and develop the proposed capital structure. JP Morgan and Bear Sterns estimated that Idearc’s initial value would be between $11.7 and $12.5 billion, and they recommended that the capital structure include $9.1 billion in debt, some of which was to be held by Verizon and some of which was to be publicly held. Comprehensive disclosures of the risks associated with Ideare post-spin-off were made in documents filed with the Securities and Exchange Commission and in the offering documents for the publicly-held debt. Those disclosures included risks associated with the tax sharing agreement with Verizon, which was imposed to protect the tax-free status of the spin-off. The spin-off occurred on November 17, 2006. Under the terms of the spin-off, Ideare received Verizon’s print and online domestic directory business. In exchange, Verizon received 145,851,861 shares of common stock to be distributed to Verizon stockholders, $7.115 billion in Ideare debt, and $2.5 billion in cash. Ideare incurred a total of $9.1 billion in debt, which included the debt issued to Verizon. This debt comprised: (1) a $1.515 billion secured Term Loan A; (2) a $4.75 billion secured loan (“Tranche B debt”); and (3) $2.85 billion in 8% Senior Notes due in 2016 (“Unsecured Notes”). Ideare also received commitments from financial institutions to lend it up to $250 million through a revolving credit facility. On the day of the spin-off, Idearc’s stock, which was trading on the New York Stock Exchange (“NYSE”), closed at $26.25 per share. Following the spin-off, Ideare was an independent, publicly traded company. It paid quarterly dividends of approximately $50 million in 2007 and the first quarter of 2008. Six months after the spin-off, Idearc’s shares traded at a high of $37.66 per share. In October 2008, Ideare acquired another company by using cash from its ongoing operations. The corporation also made every interest payment on its debt through March 2009. Idearc’s business, heavily dependent on revenues from the sale of advertising, was adversely affected during the recession that began in 2008. In March 2009, Ideare filed for Chapter 11 bankruptcy. The Bankruptcy Code authorizes a plan of reorganization to “provide for ... the retention and enforcement by the debtor, by the trustee, or by a representative of the estate appointed for such purpose, of any ... claim or interest.” Pursuant to that authorization, Idearc’s Plan of Reorganization (the “Plan”), confirmed in late December 2009, created a litigation trust (the “Litigation Trust”) as the representative of Ideare to evaluate independently a variety of claims owned by Ideare, including claims against its officers and directors and fraudulent transfer claims against Verizon and its affiliates, and to pursue those claims thought promising for the benefit of holders of Idearc’s unsecured claims. U.S. Bank National Association was appointed the trustee (the “Trustee”) of the Litigation Trust. On September 15, 2010, the Trustee filed this action in federal district court against Verizon; two of its subsidiaries, GTE Corporation (“GTE”) and Verizon Financial Services, L.L.C. (‘VFS”); and Ideare director John W. Diercksen (collectively, “Appellees”). According to the Trustee, Verizon created Ideare as a receptacle to place its “obsolete” directory, or “yellow pages,” business and “load it up” with over $9 billion of Verizon’s debt. According to Appellees, Ideare was a successful business that became insolvent during the 2008 financial crisis. The Trustee’s second amended complaint contained a jury demand and eleven counts, summarized ever so briefly as follows: (1) & (2) fraudulent transfer against Verizon and VFS in connection with the spin-off; (3) breach of fiduciary duty against Diercksen; (4) aiding and abetting a breach of fiduciary duty against Verizon and VFS; (5) fraudulent transfer against Verizon and VFS in connection with a loan made by Idearc’s subsidiary to Ideare; (6) fraudulent transfer against GTE and Verizon in connection with the “GTW distribution”; (7) fraudulent transfer against Verizon in connection with the interest payments subsequent to March 31, 2007; (8) unlawful dividend against Diercksen and Verizon; (9) promoter liability and breach of fiduciary duty; (10) unjust enrichment; and (11) alter ego. On March 21, 2012, upon a motion by Appellees, for the reasons more fully discussed below, the district court struck the Trustee’s jury demand. The Trustee moved to reconsider the order striking the jury demand, which the court denied. On September 17, 2012, the Trustee petitioned this court for a writ of mandamus, seeking review of the district court’s orders striking the jury demand and denying the motion to reconsider. The motions panel denied the petition on September 27, 2012. On July 31, 2012, the district court granted in part and denied in part Appel-lees’ motion to dismiss the amended complaint. It dismissed in part Counts One and Two for fraudulent transfer with respect to the Unsecured Notes and Tranche B debt. The district court also dismissed Count Ten for unjust enrichment and Count Eleven for alter ego insofar as it alleged a stand-alone claim. Less than a month later, the district court issued a trial management order that bifurcated the four-week trial into two phases. The order stated that following the first phase, the court would decide Idearc’s value at the time it was spun-off from Verizon in November 2006. The district court planned to make any other necessary factual determinations during the second phase of the trial, which was left unscheduled at the time of the order. On September 14, 2012, the district court ruled on three pending motions for summary judgment. Among other things, the court’s order limited the Trustee’s recovery on its breach of fiduciary duty claim against Diereksen (Count Three) to the available insurance unless the Trustee could show that Diereksen engaged in willful misconduct or gross neglect, and it entered partial summary judgment in Ap-pellees’ favor as to Counts One and Two for fraudulent transfer with respect to the $2.5 billion in cash paid to Verizon and Count Eight for unlawful dividend with respect to the cash. From October 15 to 26, 2012, the district court conducted Phase I of the bench trial in order to resolve a single factual issue: the value of Ideare as of the date of the spin-off. On January 22, 2013, the district court issued a Memorandum of Decision containing its factual findings. After reviewing the testimony and exhibits, the district court found that the value of Ideare as of the spin-off date, November 17, 2006, was at least $12 billion. The same day that it issued its factual findings, the district court ordered the Trustee to file a brief explaining whether its remaining legal claims were viable in light of the valuation finding. The Trustee complied and submitted a brief arguing that almost all of its remaining claims were still viable. On June 18, 2013, the district court issued its conclusions of law, holding that, based on its factfinding on Idearc’s value as of November 2006, none of the Trustee’s remaining claims could be maintained. The district court held that Phase II of the trial was no longer necessary, and it entered judgment in Appellees’ favor. The Trustee timely appealed the following: the order granting the motion to strike the jury; the evidentiary rulings before and during the bench trial; the factual findings following the bench trial; almost all of the district court’s conclusions of law following the bench trial; aspects of the district court’s order dismissing some of the Trustee’s claims; and aspects of its order granting partial summary judgment for Appellees. II. Right to a Jury Trial The Trustee appeals the district court’s order striking the jury demand, claiming that it was entitled to a jury trial under the Seventh Amendment. The district court held that the Trustee’s constitutional right to a jury trial was extinguished because the resolution of its fraudulent transfer claims was part of the equitable claims-allowance process. We agree with the district court. A. Applicable Law Whether a party is entitled to a jury trial is a legal question that is reviewed de novo. Provident Life & Accident Ins. Co. v. Sharpless, 364 F.3d 634, 639 (5th Cir.2004). The Seventh Amendment provides that “[i]n Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved.” U.S. Const, amend. VII. The Amendment’s reference to “Suits at common law” denotes suits brought to determine legal rights, as opposed to equitable rights. See Granfinanciera, S.A. v. Nordberg, 492 U.S. 33, 41, 109 S.Ct. 2782, 106 L.Ed.2d 26 (1989). To determine whether a claim is legal or equitable, courts first compare the action in question to those actions of the Eighteenth Century that were brought in the courts of law and equity, and, second, consider whether the remedy sought is legal or equitable in nature. Id. at 42, 109 S.Ct. 2782. The second prong is generally considered the more significant of the two. Id. Typically, actions to recover preferential or fraudulent transfers are considered suits at common law and are eligible for a jury trial under the Seventh Amendment. Id. at 48, 109 S.Ct. 2782. However, the right to a jury trial on a fraudulent transfer claim may be extinguished in certain circumstances in the bankruptcy context. It is well-settled that “when Congress creates new statutory ‘public rights,’ it may assign their adjudication to an administrative agency with which a jury trial would be incompatible, without violating the Seventh Amendment’s injunction that jury trial is to be ‘preserved’ in ‘suits at common law.’ ” Id. at 51, 109 S.Ct. 2782 (quoting Atlas Roofing Co., Inc. v. Occupational Safety & Health Review Comm’n, 430 U.S. 442, 455, 97 S.Ct. 1261, 51 L.Ed.2d 464 (1977)). Public rights include “seemingly ‘private’ rightfs]” that are created by Congress, “acting for a valid legislative purpose pursuant to its constitutional powers under Article I, ... that [are] so closely integrated into a public regulatory scheme as to be a matter appropriate for agency resolution with limited involvement by the Article III judiciary.” Id. at 54, 109 S.Ct. 2782 (quotation marks and citation omitted). Bankruptcy is an example of an area involving “public rights,” since Congress has [E]stablish[ed] uniform laws on the subject of bankruptcy, [which] eonvert[ ] the creditor’s legal claim into an equitable claim to a pro rata share of the res.... As bankruptcy courts have summary jurisdiction to adjudicate controversies relating to property over which they have actual or constructive possession, and as the proceedings of bankruptcy courts are inherently proceedings in equity, there is no Seventh Amendment right to a jury trial for determination of objections to claims[.] Katchen v. Landy, 382 U.S. 323, 336-37, 86 S.Ct. 467, 15 L.Ed.2d 391 (1966) (internal citations omitted); see also N. Pipeline Constr. Co. v. Marathon Pipe Line Co., 458 U.S. 50, 71, 102 S.Ct. 2858, 73 L.Ed.2d 598 (1982). In Granfinanciera, the Supreme Court considered whether the public-rights doctrine transformed a fraudulent conveyance claim into an equitable claim when the claim had been brought by a debtor against a creditor. See 492 U.S. at 36-37, 51-55, 109 S.Ct. 2782. The creditor-defendant requested a jury trial, but the bankruptcy court denied the motion and held a bench trial. Id. at 37, 109 S.Ct. 2782. The Court held that a creditor triggers the process of “allowance and disallowance of claims” when it files a claim against the bankruptcy estate, which in turn subjects the creditor to the equitable power of the bankruptcy court. Id. at 58-59 & 59 n. 14, 109 S.Ct. 2782 (citing Katchen, 382 U.S. at 336, 86 S.Ct. 467). Because the creditor-defendant in Granfinanciera had not submitted proofs of claim against the bankruptcy estate, the creditor had not subjected itself to the equitable power of the bankruptcy court and triggered the public-rights exception. Id. at 58, 109 S.Ct. 2782. Therefore, the creditor-defendant was entitled to a jury trial. Id. at 58-59, 109 S.Ct. 2782. One year after Granfinanciera, the Supreme Court decided Langenkamp v. Culp, 498 U.S. 42, 111 S.Ct. 330, 112 L.Ed.2d 343 (1990) (per curiam). In Lan-genkamp, creditors submitted a claim against a bankruptcy estate, and the bankruptcy trustee later sued the creditors to recover preferential transfers. See id. at 42-43, 111 S.Ct. 330. The Court held that unlike Granfinanciera, the creditor-defendants were not entitled to a jury trial because the proof of claim and trustee’s action became “integral to the restructuring of the debtor-creditor relationship through the bankruptcy court’s equity jurisdiction.” Id. at 44, 109 S.Ct. 2782 (citing Granfinanciera, 492 U.S. at 57-58, 109 S.Ct. 2782). More recently, Stern v. Marshall, — U.S. -, 131 S.Ct. 2594, 2617, 180 L.Ed.2d 475 (2011) reaffirmed Langen-kamp. Stem clarified that “Langenkamp ... explained ... that a preferential transfer claim can be heard in bankruptcy when the allegedly favored creditor has filed a claim, because then the ensuing preference action by the trustee become[s] integral to the restructuring of the debtor-creditor relationship.” Id. But, in Stem, “there was never any reason to believe that the process of adjudicating [the creditor’s] proof of claim would necessarily resolve [the debtor’s] counterclaim.” Id. Additionally, the debtor’s counterclaim was “in no way derived from or dependent upon bankruptcy law; it is a state tort action that exists without regard to any bankruptcy proceeding.” Id. at 2618. Thus, the Court held that Article III precluded the bankruptcy court from finally resolving the state law counterclaim. Id. at 2618. B. Analysis At issue before us is whether a litigation trust for a bankruptcy estate has a right to a jury trial on a fraudulent transfer claim against a creditor when the creditor has filed a proof of claim in the bankruptcy proceedings and the bankruptcy court is required, before disposing of that claim, to determine whether, under 11 U.S.C. § 502(d), property of the creditor is recoverable as a fraudulent transfer. The district court held that the Trustee was not entitled to a jury trial under Langenkamp because the resolution of the debtor’s fraudulent transfer claims against Verizon was integral to the resolution of Verizon’s claims against the debtor and therefore integral to the restructuring of the debtor-creditor relationship. In order to determine whether Langenkamp applies to the present matter and extinguishes the Trustee’s right to a jury, we must consider: (1) whether the creditor (here Verizon) has filed proofs of claim in the bankruptcy proceeding; (2) whether the proofs of claim have been resolved, and, if not, whether their resolution will necessarily require the resolution of the debtor’s fraudulent transfer claims (asserted by the Trustee) against Verizon; (3) whether a debtor, as opposed to a creditor, is bound by Langenkamp; (4) whether a litigation trust, succeeding to the rights of the debt- or, has a right- to a jury trial when the debtor itself would have no such right; and (5) whether Stem requires a jury trial in this case. We address each issue in turn. 1. Proofs of Claim Verizon filed four proofs of claim in the Ideare bankruptcy litigation: one on August 10, 2009 (No. 1779) (pre-petition breaches of contract), and three on December 31, 2009 (Nos. 2448, 2450, 2451) (contracts rejected under the Plan). ROA 21344, 21357. While the avoidance and recovery claims for fraudulent transfers under §§ 544 and 550 of the Bankruptcy Code were transferred to the Litigation Trust simultaneously with the confirmation of the Plan, the claims-allowance process continued in the bankruptcy court as contemplated by the Plan. On June 17, 2011, Ideare objected to all four proofs of claim under 11 U.S.C. §§ 105 and 502, and asserted that the claims should be disallowed until Verizon “has paid the amount, or turned over the property, for which it is liable, if any, under [§§ ] 544 and 550.” ROA 21342, 21348, 21349, 21350. The Trustee argues that Ideare did not have the authority to object to the proofs of claim because Ideare filed its objection after the Plan had been confirmed, creating the Litigation Trust and transferring the right to pursue Idearc’s §§ 544 and 550 claims against Verizon. Even assuming that the Trustee is correct, and that Ideare lacked such authority, this is irrelevant in light of the way that § 502(d) is worded: [T]he [bankruptcy] court shall disallow any claim of any entity from which property is recoverable under section ... 550 ... of this title or that is a transferee of a transfer avoidable under section ... 544 [or] ... 548 of this title, unless such entity or transferee has paid the amount, or turned over any such property, for which such entity or transferee is liable under section ... 550 ... of this title. 11 U.S.C. § 502(d) (emphasis added). Verizon filed proofs of claim, and under the mandatory language of § 502(d), the bankruptcy court could not resolve those claims in favor of Verizon if Verizon had been the transferee of a fraudulent transfer. At the time Ideare objected, the Trastee had already filed this case in district court and was vigorously pursuing its fraudulent transfer claims. The validity of Ideare’s objections does not alter the fact that the bankruptcy court was required to consider the fraudulent transfer issue as a component of the claims-allowance process. Thus, we reject the Trustee’s argument. 2. Resolution of the Proofs of Claim Claim No. 2450 appears to be provisionally resolved, and Ideare is specifically authorized to reopen the claim following the outcome of this litigation. On December 29, 2011, the bankruptcy court entered a stipulated order on Idearc’s objections to all four of Verizon’s claims. See In re Ideare Inc., No. 09-31828 (Bankr.N.D.Tex. Dec. 29, 2011) (Doc. 3019). The order acknowledged that this lawsuit was pending in the district court. Id. at 3. The bankruptcy court provisionally disposed of Claim No. 2450, which it called the “Distribution Agreement Claim,” as follows: Determination of Distribution Agreement Claims. With the exception of the ... § 502(d) Objections, the allowance and amount of Verizon’s Distribution Agreement Claims may be determined in the Litigation Trust/Verizon Lawsuit. To the extent those claims are so determined and allowed, such determination and allowance shall be binding on the Reorganized Debtors, except that the ... § 502(d) Objections shall be preserved. In such event, if (i) a judgment is entered in the Litigation Trast/Veri-zon Lawsuit against Verizon for actual or constructive fraudulent transfer, or for any cause of action brought by the Litigation Trust premised on fraud, including but not limited to promoter fraud or alter ego, and (ii) the Reorganized Debtors’ Bankruptcy Cases have been closed pursuant to section 350 of the Bankruptcy Code, within 60 days following the completion, including all .appeals, of the Litigation Trust/Verizon Lawsuit, the Reorganized Debtors, at Verizon’s request, shall file an agreed motion to re-open the Bankruptcy Cases for the sole purpose of determining the ... § 502(d) Objections to the Verizon Proofs of Claim. If the allowance and amount of Verizon’s Distribution Agreement Claims are not determined in the Litigation Trust/Verizon Lawsuit, then the agreed motion to re-open the Bankruptcy Cases shall be for the purpose of determining the allowance and amount of Verizon’s Distribution Agreement Claims and resolving ... § 502(d) Objections to the Verizon Proofs of Claim. Id. at 5 (emphasis added). The resolution of the fraudulent transfer claims in this lawsuit and Claim No. 2450 in the bankruptcy proceeding are interconnected. The bankruptcy court has expressly permitted Verizon to re-open Claim No. 2450 depending on the outcome of this litigation. Thus, the resolution of the fraudulent transfer claims before us will directly impact the claims-allowanee process. The Trustee asserts that Verizon’s proofs of claim are “irrelevant” to the Trustee’s jury rights. It argues that the fraudulent transfer claims would not “necessarily have been resolved in the course of allowing or disallowing the claims against” Ideare, since Claim No. 2450 relates to a limited indemnification in a distribution agreement for misrepresentations in financing and registration documents. However, the Trustee’s argument misconstrues what it means for a claim to have necessarily been resolved in the course of the claims-allowance process. This inquiry does not consider the basis for the underlying claim against the bankruptcy estate; it turns on the merits of the § 502(d) objection. 3. Langenkamp Applies to Debtors Next, we consider whether the rule in Granfinanciera and Langenkamp applies to a debtor, even though Langenkamp considered the jury rights of a creditor. This court considered a similar question in In re Jensen, 946 F.2d 369 (5th Cir.1991), abrogated on other grounds, In re El Paso Elec. Co., 77 F.3d 793, 794 (5th Cir.1996). There, a debtor sought a jury trial on its pre-petition state law claims. Id. at 370. The court held that the debtor was entitled to a jury trial because “the debtors’ claims do not here ‘arise as part of the process of allowance and disallowance of claims.’ Nor are they ‘integral to the restructuring of debtor-creditor relations.’ ” Id. at 374 (quoting Granfinanciera, 492 U.S. at 58, 109 S.Ct. 2782) (internal citation omitted). Relevant to our inquiry is that In re Jensen framed the right to a jury trial in terms of the nature of the claims, placing no importance on the fact that the debtor, as opposed to the creditor, sought a jury trial. In fact, in resolving this issue, In re Jensen agreed with the Seventh Circuit’s decision in In re Hallaban, which “reasoned that if creditors lose their jury trial rights by presenting claims against the estate, ‘debtors who initially choose to invoke the bankruptcy court’s jurisdiction to seek protection from their creditors cannot be endowed with any stronger right.’ ” Id. (quoting In re Hallahan, 936 F.2d 1496, 1505 (7th Cir.1991)). Thus, under In re Jensen, a creditor and a debtor alike are bound by the rule in Langenkamp. Ip. Langenkamp Applies to Litigation Trusts Since a debtor would be bound by Lan-genkamp, Ideare would not have a right to a jury trial on its fraudulent transfer claims against Verizon. Yet, the Trustee claims that, as a representative of the Litigation Trust, it has a right to a jury trial where the debtor would have none. To evaluate this claim, we consider the precise rights transferred to the Litigation Trust under the Plan. See, e.g., Torch Liquidating Trust ex rel. Bridge Assocs. L.L.C. v. Stockstill, 561 F.3d 377, 387 (5th Cir.2009) (“To show standing based on the plan’s effectuation of such a transfer, the trustee must show: ‘(1) that it has been appointed, and (2) that it is a representative of the estate.’ ” (quoting In re Tex. Gen. Petroleum Corp., 52 F.3d at 1335)). The Plan transferred “to the Litigation Trust the Litigation Trust Rights, with good, clean title to such property, free and clear of all liens, charges, Claims, encumbrances and interests, to be pursued by the Litigation Trustee for the benefit of [unsecured creditors].” ROA 7406. The purpose of the Litigation Trust, as defined by the Plan, was to “prosecut[e] the Litigation Trust Rights and distribute] the proceeds thereof in accordance with the Plan and the Litigation Trust Agreement, with no objective to continue or engage in the conduct of a trade or business.” ROA 7406. The Plan defines “Litigation Trust Rights” as the Litigation Rights of the Debtors and the Debtors’ Estates consisting of claims or causes of action, including applicable privileges, (i) arising under or pursuant to Chapter 5 of the Bankruptcy Code, which include, but are not limited to, actions involving ... preferences and fraudulent transfers ..., and (ii) belonging to the Debtors and the Debtors’ Estates against the Debtors’ officers or directors.... Unless otherwise released or enjoined by the Plan, compromise approved by the Bankruptcy Court, or other order of the Bankruptcy Court, Litigation Trust Rights shall also include all claims and causes of action of the Debtors and the Estates, including applicable privileges, against Verizon ... and other Persons relating to the spinoff of the Debtors from Verizon, including, without limitation, avoidance causes of action under Bankruptcy Code sections 5Ü, 517, 5Jp8, 550 and 551 and claims and causes of action for (a) breach of fiduciary duty, (b) fraud, (c) fraud in the inducement, (d) aiding and abetting a breach of fiduciary duty, (e) illegal dividends, (f) unjust enrichment, and (g) violations of state and federal securities laws or other applicable state or federal law. ROA 7389 (emphasis added). The confirmed plan clearly transferred Idearc’s §§ 544 and 550 claims to the Litigation Trust, without modification. In so doing, Ideare lost standing to pursue these claims on behalf of the estate. In re MPF Holdings, 701 F.3d at 454. As contemplated by § 1123(b)(3)(B) of the Bankruptcy Code, the Litigation Trust is the representative of Ideare in pursuing these claims. Thus, the district court correctly observed that the Trustee stands in the shoes of Ideare. Since the Trustee is effectively Ideare for the purposes of this litigation, and since Ideare would have no Seventh Amendment right to a jury trial, the Trustee also lacks such a right. The Trustee, ignoring the text of the Plan and § 1123(b)(3)(B) of the Bankruptcy Code, challenges the conclusion that a litigation trustee will generally stand in the shoes of the debtor. It argues that the Trustee acts instead for the beneficiaries, here unsecured creditors, and its right to a jury trial should not be extinguished even if Ideare would have lacked such a right. The Trustee relies heavily on Crescent Resources Litigation Trust v. Duke Energy Corp., No. A-12-CA-009-SS, 2013 WL 1865450 (W.D.Tex. May 2, 2013). In Crescent, the debtors entered into bankruptcy, and the bankruptcy court confirmed the debtor’s plan of reorganization which, inter alia, created a litigation trust to “pursue causes of action which the Debtor could have asserted, including avoidance actions and other claims arising outside of the ordinary course of business of the Debtors.” Id. at *2. The litigation trust brought a fraudulent conveyance action against two creditors in district court. Id. at *3. The trust demanded a jury trial, but one creditor sought to strike the jury. Id. The creditor argued that the right was extinguished because the defendants filed proofs of claim in the bankruptcy proceeding, and the debtor objected to the proofs of claim on the basis of fraudulent conveyance under § 502(d). Id. Crescent agreed with the trust, holding that Langenkamp did not apply to litigation trusts and explicitly disagreeing with the district court’s holding in this case. Id. at *4. In so doing, Crescent relied on a Seventh Circuit decision that differentiated between a liquidation trust and a debtor. Id. (quoting Grede v. Bank of New York Mellon, 598 F.3d 899, 902 (7th Cir.2010)). According to the Seventh Circuit in Grede, Although the terms of the Bankruptcy Code govern the permissible duties of a trustee in bankruptcy, the terms of the plan of reorganization (and of the trust instrument) govern the permissible duties of a trustee after bankruptcy. A liquidation trust is no different in this respect from a reorganized debtor.... People are tempted to assume that bankruptcy is forever and that the Code continues to regulate the conduct of former debtors. We have held otherwise. The ... Liquidation Trust is a post-bankruptcy vehicle[.] Grede, 598 F.3d at 902 (internal citations omitted). Crescent acknowledged that Grede considered a different issue than the one before the court, but it believed that Grede’s “holding that the strictures of the Bankruptcy Code do cut off at some point, and actions by a liquidation trust, post-plan confirmation!,] is after that point, is helpful here in determining whether the holdings of Granfinanciera and Langen-kamp are applicable to ... a post-plan litigation trust.” Crescent, 2013 WL 1865450, at *5 n. 1. Therefore, Crescent concluded that Langenkamp was limited to bankruptcy trustees and did not apply to litigation trustees. Id. at *5. Crescent’s reliance on Grede is misplaced, since the Seventh Circuit answered a different legal question than the one at issue in Crescent and here. Grede concerned the authority of a litigation trustee to bring claims on behalf of third parties (as well as the debtor). 598 F.3d at 900. Grede acknowledged that, under the Supreme Court’s decision in Caplin, 406 U.S. at 428, 92 S.Ct. 1678, a bankruptcy trustee does not have the authority to sue third parties on behalf of investors who believed that the third party’s act had injured them and the debtor jointly. Id. However, the court distinguished Caplin, explaining that none of the concerns raised in Caplin applied to a suit by a liquidation trustee on assigned claims from third parties. Id. at 902. Returning to the present issue (and the issue before the Crescent court), we must consider the nature of the claim brought by the Trustee, and whether that claim is legal and entitled to a jury trial, or equitable because of its connection with the resolution of the claims-allowance process. Grede was concerned with .a liquidation trustee’s authority to bring the assigned claims of third parties. We have no quarrel with Grede’s conclusion that a post-bankruptcy liquidation trust established by a confirmed plan would be governed by the plan itself (as distinguished from the Bankruptcy Code). But Grede did not hold that a claim that is by law integral to the resolution of the claims-allowance process is no longer integral to that process when it is pursued by a litigation trustee. Since Grede is not on point, and since the Trustee has presented us with no authority to support its position, we cannot say that a litigation trustee would have a right to a jury trial where the debtor, whose claims it is pursuing, would have none. Thus, we reject the Trustee’s argument that Lan-genkamp does not apply to a litigation trustee pursuing the debtor’s fraudulent transfer claims. 5. Stern Did not Overrule Langen-kamp The Trustee’s final argument relies on Stem, 131 S.Ct. 2594, to assert that the fraudulent transfer action must be tried by an Article III court before a jury, irrespective of the proofs of claim filed in the bankruptcy court. The Trustee concludes that Langenkamp is simply inapplicable under Stem. However, Stem is not as broad as the Trustee suggests; in fact, Stem both distinguished and explicitly preserved Langenkamp. See 181 S.Ct. at 2617-18. In Stem, a creditor filed a proof of claim in the bankruptcy proceeding seeking recovery from the estate on a state law defamation claim. Id. at 2601. The debt- or later filed a counterclaim against the creditor for fraudulent inducement. Id. The bankruptcy court entered final judgment in the debtor’s favor on the counterclaim. Id. The issue before the Supreme Court was whether the bankruptcy court had jurisdiction to hear the counterclaim. Id. The Court held that the debtor’s counterclaim was a core proceeding under the plain text of 28 U.S.C. § 157(b)(2)(C), which states that “counterclaims by the estate against persons filing claims against the estate” are “core proceedings.” Id. at 2604-05- (internal quotation marks omitted). However, Stem also declared that § 157(b)(2)(C) was unconstitutional to the extent that it permitted bankruptcy courts to enter final judgments in state law counterclaims that would not necessarily be resolved in the process of ruling on a creditor’s proof of claim. Id. at 2620. In reaching its holding, Stem addressed the debtor’s argument that the bankruptcy court had the authority to adjudicate its counterclaim under Langenkamp because the creditor had filed a proof of claim in the bankruptcy proceedings. Id. at 2615-16. Stem distinguished Langenkamp, explaining that, under Langenkamp, [A] preferential transfer claim can be heard in bankruptcy when the allegedly favored creditor has filed a claim, because then “the ensuing preference action by the trustee become[s] integral to the restructuring of the debtor-creditor relationship.” If, in contrast, the creditor has not filed a proof of claim, the trustee’s preference action does not “be-eome[ ] part of the claims-allowance process” subject to resolution by the bankruptcy court. Id. at 2617 (quoting Langenkamp, 498 U.S. at 44, 45, 111 S.Ct. 330) (internal citation omitted) (alterations in original). Unlike Langenkamp, the debtor’s counterclaim against the creditor was not part of the claims-allowance process in Stem. The Court explained that the bankruptcy court made several factual and legal determinations in ruling on the counterclaim that were not dispositive of the creditors’ claim against the estate. Id. Despite some similarity between the debtor’s counterclaim and the creditor’s defamation claim, “there was never any reason to believe that the process of adjudicating [the creditor’s] proof of claim would necessarily resolve [the debtor’s] counterclaim.” Id. Likewise, while in Langenkamp “the trustee bringing the preference action was asserting a right of recovery created by federal bankruptcy law,” in Stem, the debtor’s counterclaim was “in no way derived from or dependent upon bankruptcy law; it is a state tort action that exists without regard to any bankruptcy proceeding.” Id. at 2618. After distinguishing Langenkamp, Stem analogized the debtor’s counterclaim to the fraudulent conveyance action in Granfi-nanciera, which had been entitled to a jury trial. Id. The Court explained that Granfinanciera’s distinction between actions that seek “to augment the bankruptcy estate” and those that seek “a pro rata share of the bankruptcy res,” reaffirms that Congress may not bypass Article III simply because a proceeding may have some bearing on a bankruptcy case; the question is whether the action at issue stems from the bankruptcy itself or would necessarily be resolved in the claims allowance process. Id. (quoting Granfinanciera, 492 U.S. at 56, 109 S.Ct. 2782) (internal citation omitted). It is clear from Stem that Langenkamp is still good law. Stem did not displace Langenkamp; in fact, it took great care to distinguish the facts before it from the facts in Langenkamp. Moreover, the claim at issue here is analogous to the one in Langenkamp and distinguishable from the debtor’s counterclaim in Stem. As previously discussed, resolution of Verizon’s proof of claim will require ruling, under § 502(d), on whether Verizon was the recipient of a fraudulent transfer. This involves the same factual and legal determinations made by the district court in this case in resolving the fraudulent transfer claim by the Trustee, the debtor’s representative, against Verizon. Also, unlike the debtor’s counterclaim in Stem, here the Trustee’s claim is derived, in part, from bankruptcy law (§§ 544 and 550). The Supreme Court very recently revisited Stern in Executive Benefits Insurance Agency v. Arkison, — U.S. -, 134 S.Ct. 2165, 189 L.Ed.2d 83 (2014). Executive Benefits describes Stem's core inquiry as whether Article III of the Constitution prohibits a bankruptcy court from finally adjudicating certain types of claims but noted that Stem “did not, however, decide how bankruptcy or district courts should proceed when a ‘Stem claim’ is identified.” Id. at 2168. Executive Benefits resolved how courts should proceed in adjudicating a “Stem claim” and held that while a bankruptcy court may not enter a final judgment on a “bankruptcy-related claim,” a bankruptcy court may issue proposed findings of fact and conclusions of law to be reviewed de novo by the district court. Id. In reaching this conclusion, Executive Benefits did not discuss the right to a jury trial. In light of the Supreme Court’s recent clarification of Stem, we reject the Trustee’s argument that Stem requires that its fraudulent transfer claim against Verizon be heard by a jury. In sum, the Trustee’s fraudulent transfer claims against Verizon are “integral to the restructuring of the debtor-creditor relationship through the bankruptcy court’s equity jurisdiction.” See Langenkamp, 498 U.S. at 44, 111 S.Ct. 330. Resolution of Verizon’s proof of claim in the bankruptcy court would necessarily resolve the fraudulent transfer issue. In fact, in this specific case, the bankruptcy court entered an order that provisionally disposed of the claim subject to the outcome of this very litigation, thus clarifying that the claims in this court are indeed related to the restructuring of the debtor-creditor relationship. Additionally, while it is no problem, it is also of no import, that a litigation trustee has brought this claim, since a Langenkamp inquiry focuses on the nature of the claim and not on who has brought the claim. See, e.g., In re Jensen, 946 F.2d at 374. Accordingly, we affirm the district court’s order granting the motion to strike the jury. C. Waiver On appeal, the Trustee raises numerous challenges to the district court’s ruling that have been waived. This court will typically not consider an issue or a new argument raised for the first time in a motion for reconsideration in the district court. Lincoln Gen. Ins. Co. v. De La Luz Garcia, 501 F.3d 436, 442 (5th Cir.2007); Leverette v. Louisville Ladder Co., 183 F.3d 339, 342 (5th Cir.1999) (per curiam). Additionally, “[i]t is not enough to merely mention or allude to a legal theory” in order to “raise .an argument.” United States v. Scroggins, 599 F.3d 433, 446 (5th Cir.2010) (citing McIntosh v. Partridge, 540 F.3d 315, 325 n. 12 (5th Cir.2008)). Rather, “a party must press its claims,” which entails “clearly identifying a theory as a proposed basis for deciding the case— merely intimat[ing] an argument is not the same as pressing it.” Id. at 447 (internal quotation marks and citation omitted) (alteration in original). The Trustee raised its arguments concerning a right to a jury trial on its non-fraudulent-transfer claims and claims against Diercksen for the first time in its motion for reconsideration of the district court’s order striking the jury. Although the Trustee made a brief reference to its breach of fiduciary duty and aiding and abetting claims in its response in opposition to the motion to strike, this is insufficient to preserve the Trustee’s argu-merits. Scroggins, 599 F.3d at 446. Accordingly, in its order denying reconsideration, the district court concluded that these arguments had been waived. U.S. Bank (Reconsideration), 2012 WL 3034707, at *4. We agree. Since the arguments concerning the right to a jury trial on the non-fraudulent-transfer claims and on the claims with respect to Dierck-sen have been waived, we will not consider them here. III. Subsidiary Issue During summary judgment, the district court found that Ideare was a wholly-owned subsidiary of Verizon prior to the spin-off, and the court later referenced this finding as part of its evidentiary rulings, findings of fact, and conclusions of law. Thus, in challenging many of the district court’s rulings, the Trustee frequently argues that the district court erred in part because Ideare was not Verizon’s wholly-owned subsidiary. Accordingly, we will address Idearc’s subsidiary status separately since the matter is raised throughout the appeal. In its September 14, 2012 order granting in part and denying in part summary judgment, the district court addressed the subsidiary issue. See U.S. Bank Nat’l Ass’n v. Verizon Commc’ns Inc., 892 F.Supp.2d 805, 817-18 (N.D.Tex.2012) (hereinafter “U.S. Bank (Summary Judgment)”). Diercksen moved for summary judgment on the Trustee’s breach of fiduciary duty claim, arguing that his fiduciary duties were owed to Verizon because Ideare was a wholly-owned subsidiary of Verizon. Id. The court noted that the parties disputed whether Ideare was a wholly-owned subsidiary of Verizon, and, after considering the evidence presented by both parties, held that “no reasonable] factfinder could conclude that Ideare was not a wholly-owned subsidiary of Verizon.” Id. at 818. However, because Diercksen would owe Ideare fiduciary duties if the corporation was insolvent on the day of the spin-off, and since there was a fact dispute as to the value of Ideare on that date, the district court denied summary judgment on the claim. Id. at 814, 818. Following the bench trial, the Trustee re-raised its argument that Ideare was not a wholly-owned subsidiary in its response to the district court’s order to show cause. The district court interpreted the Trustee’s arguments as a belated request to reconsider its subsidiary finding in the summary judgment order. See U.S. Bank Nat’l Ass’n v. Verizon Commc’n, L.L.C., No. 3:10-ev-1842-G-BK (N.D. Tex. June 18, 2013) (Doc. 671 at 18) (hereinafter “Conclusions of Law”). Since the Trustee offered no new evidence that was not available to it during the summary judgment phase, and since there was no intervening change in the law, the district court declined to reconsider its holding that Ideare was a wholly-owned subsidiary. Id. On appeal, the Trustee argues that the district court’s reliance on its summary judgment subsidiary statement was improper because the statement was dictum. We disagree. “A statement is dictum if it could have been deleted without seriously impairing the analytical foundations of the holding and being peripheral, may not have received the full and careful consideration of the court that uttered it.” Int’l Truck & Engine Corp. v. Bray, 372 F.3d 717, 721 (5th Cir.2004) (internal quotation marks and citation omitted). However, if the statement is “necessary to the result or constitutes an explication of the governing rules of law,” it is not dictum. Id. Here, whether Ideare was a wholly-owned subsidiary was squarely before the court, and it was considered as part of the analysis of the breach of fiduciary duty claim. Diercksen had argued that because Ideare was a wholly-owned subsidiary of Verizon, it owed no fiduciary duties to Ideare. U.S. Bank (Summary Judgment), 892 F.Supp.2d at 817. The Trustee countered that Ideare was not a wholly-owned subsidiary. Id. The district court necessarily analyzed this issue in order to determine the legal duties owed by Diercksen to Ideare, and it concluded that there was no genuine issue of material fact as to Verizon’s sole ownership of Ideare. Id. Thus, the district court’s statement was not dictum since it was necessary to its final breach of fiduciary duty analysis. Next, the Trustee appeals the district court’s refusal to reconsider its summary judgment ruling in light of the “undisputed evidence” that Verizon did not validly own stock. The undisputed evidence has two components. First, the Trustee focuses on the failure of Verizon to properly form Idearc’s board. Idearc’s bylaws created a two-member board of directors and a quorum also required two members. The Trustee argues that since Diercksen was the only board member, all of his unilateral actions were illegal and void, including his resolution issuing stock. Second, the Trustee claims that Verizon never validly owned Ideare stock because the resolutions issuing one share of stock and authorizing Harless to sell that share did not list a price. According to the Trustee, Verizon consequently did not pay for the stock, so it never owned the stock. We review the district court’s denial of a request to reconsider a summary judgment ruling for abuse of discretion. Templet v. HydroChem Inc., 367 F.3d 473, 477 (5th Cir.2004). “[A] district court has considerable discretion in deciding whether to reopen a case in response to a motion for reconsideration, [but] such discretion is not limitless.” Id. at 479. The court must balance two competing interests in ruling on a motion to reconsider: “1) the need to bring litigation to an end; and 2) the need to render just decisions on the basis of all the facts.” Id. When a party requests reconsideration of a summary judgment order and submits evidentiary materials in support of its motion that were not previously provided to the court, the court may consider the following factors: 1) [T]he reasons for the moving party’s default; 2) the importance of the omitted evidence to the moving party’s case; 3) whether the evidence was available to the non-movant before it responded to the summary judgment motion; and 4) the likelihood that the non-moving party will suffer unfair prejudice if the case is reopened. Id. at 482 (citing Lavespere v. Niagara Machine & Tool Works, Inc., 910 F.2d 167, 174 (5th Cir.1990), overruled on other grounds, Little v. Liquid Air Corp., 37 F.3d 1069 (5th Cir.1994)). However, a request to reconsider a non-fínal, non-ap-pealable partial summary judgment order “remains within the plenary power of the district court to revise or set aside in its sound discretion without any necessity to meet the requirements of Fed.R.Civ.P. 60(b).” Avondale Shipyards, Inc. v. Insured Lloyd’s, 786 F.2d 1265, 1269 (5th Cir.1986). Here, the Trastee did not file a formal motion for reconsideration following the entry of the district court’s summary judgment order. Months later, after the trial, the Trustee included a request to reconsider the subsidiary issue in its response to the order to show cause. The district court made note of the Trustee’s request to reconsider its subsidiary finding in its conclusion of law, but it declined to do so. According to the district court, reconsideration of the subsidiary issue was inappropriate because the Trustee had not requested reconsideration of the summary judgment order, cited no intervening change in the law, and had access to all the evidence on which it relied to reargue this point during the summary judgment stage. Conclusions of Law at 18-19. The subsidiary finding at summary judgment was not a final judgment on a claim, so it is not subject to the strict requirements of Rule 60. See Avondale Shipyards, 786 F.2d at 1269. Yet, the decision to reconsider the finding is nonetheless left to the sound discretion of the district court. Id. The district court did not abuse its discretion. The request for reconsideration was untimely and the evidence presented by the Trustee in response to the order to show cause was available at the summary judgment stage. The Trustee does not dispute this. Due to the size of the record and the number of extensions granted by the district court throughout the proceedings, it is unclear why the Trustee failed to timely raise its arguments. Additionally, we are not persuaded that the Trustee’s arguments have merit, specifically because the Trustee does not claim that any other person or entity owned Ideare before the spin-off (a fact that, if it were true, would affect Dierck-sen’s fiduciary duties). Likewise, the Trustee does not argue that Ideare or its board owed fiduciary duties to non-Verizon shareholders prior to the spin-off. The Trustee only cursorily responds that Delaware law does not require that a corporation issue stock in order to exist. See Del. Code Ann. tit. 8, § 106 (West 2014). However, this one-sentence explanation only raises more questions, none of which the Trustee answers. As a practical matter, if no one owned Ideare, then to whom did Diercksen owe fiduciary duties before the spin-off? At that time, Ideare was a shell corporation, with no assets, that existed only on paper. To base a $9.1 billion claim for damages on Diercksen’s alleged breach of fiduciary duties owed solely to an empty shell corporation is, to say the least, problematic. At minimum, this is an issue that deserves more than one sentence in a lengthy brief. Moreover, the Trustee failed to argue before the district court in its response to the order to show cause that Ideare could exist without shareholders, even though the district court had also noted at summary judgment that the Trustee had failed to indicate who may have owned Ideare. U.S. Bank (Summary Judgment), 892 F.Supp.2d at 818 (holding that the Trustee “has not put forth any evidence that any other entity owned Ideare at the time leading up to the spinoff’). Because the request to reconsider was untimely, based entirely on evidence that was available at the summary judgment stage, and lacks merit, we affirm the district court’s denial of reconsideration. IV. Evidentiary Rulings The Trustee raises two challenges to the district court’s evidentiary rulings. First, the Trustee claims that the district court erroneously admitted hundreds of allegedly irrelevant exhibits prior to the Phase I trial. Second, it contests the court’s exclusion of supposedly relevant evidence and testimony during the trial. We reject these arguments. This court reviews evidentiary rulings for abuse of discretion. Gabriel v. City of Plano, 202 F.3d 741, 745 (5th Cir.2000). “[A] trial court has broad discretion in determining the admissibility of evidence based on relevance and materiality, and that determination will be overturned only when the abuse of that discretion is dearly shown from the record.” United States v. Collins, 690 F.2d 431, 438 (5th Cir.1982) (emphasis added). Even when evidence is relevant, it may be excluded “if its probative value is substantially outweighed by a danger of one or more of the following: unfair prejudice, confusing the issues, misleading the jury, undue delay, wasting time, or needlessly presenting cumulative evidence.” Fed.R.Evid. 403. If the district court has abused its discretion in excluding or admitting evidence, “[w]e reverse judgments for improper evidentiary rulings only where the challenged ruling affects a substantial right of a party. The burden of proving substantial prejudice lies with the party asserting error.” Gabriel, 202 F.3d at 745 (internal quotation marks and citations omitted); see also First Nat’l Bank of Louisville v. Lustig, 96 F.3d 1554, 1574 (5th Cir.1996). A ruling has affected the substantial rights of the party if, when considering all of the evidence presented at trial, the ruling had a substantial effect on the outcome of the trial. See United States v. Limones, 8 F.3d 1004, 1008 (5th Cir.1993). However, if the error was harmless, it will be excused. See United States v. Hart, 295 F.3d 451, 454 (5th Cir.2002). Turning to the Trustee’s first challenge, the allegedly irrelevant exhibits at issue were exhibits initially identified by the Trustee and included on its exhibit list, without objection from Appellees. At the pre-trial conference, the district court informed the parties that, given the large number of exhibits that would be presented at trial, the court would admit evidence from the exhibit lists in groups if there was no objection from the opposing party. ROA 16259. After the pre-trial conference and only a week before trial, the Trustee sought to exclude 315 of its own exhibits from the trial. The district court ultimately admitted all the exhibits, believing that the attempt to exclude them was “a tactic on behalf of the [Trustee].” ROA 16335. On appeal, the Trustee has not discussed the content of the admitted documents, nor has it explained why these documents were irrelevant. Absent even a description of the documents, we cannot conclude whether the court’s decision to admit them was an abuse of discretion. Collins, 690 F.2d at 438. Additionally, the Trustee has not shown how the admission of these documents affected its substantial rights, so any error would not be reversible. Gabriel, 202 F.3d at 745. The Trustee’s second challenge is to the district court’s refusal to admit evidence of Idearc’s alleged corporate deficiencies. This includes the following: testimony that no board of Ideare was ever appointed; testimony that the issuance of Ideare stock was “false”; evidence that Ideare never properly issued any stock, so it could not have been a wholly-owned subsidiary; evidence that Idearc’s corporate records, including a stock certificate, were backdated; and a memo “demonstrating] that the backdated stock certificates and secretary certificates ... were not sent to [directors] for signature until ... after the private letter ruling issued.” The Trustee claims that the errors affected the court’s valuation finding and conclusions of law, particularly with respect to the court’s holding that Ideare was a wholly-owned subsidiary. The Trustee’s challenge fails for two reasons. First, the district court had previously ruled, at summary judgment, that Ideare was a wholly-owned subsidiary of Verizon. See U.S. Bank (Summary Judgment), 892 F.Supp.2d at 817-18. Later, while ruling on a motion in limine, the district court noted that the Trustee had failed to show that the failure to observe corporate formalities prior to the spin-off “significantly affected the underlying fundamentals of the company.” ROA 13631. Idearc’s subsidiary status had already been decided, and that decision had gone unchallenged up to that point. Even if the Trustee’s proffered evidence had been relevant to the valuation issue (and it is not clear that it is), the court did not abuse its discretion by declining to hear more evidence on a matter that had already been decided. See Fed.R.Evid. 403. Assuming that the district court did err in excluding the evidence, it is unclear how it impacted the Trustee’s substantial rights. See Limones, 8 F.3d at 1008. The Trustee conclusorily states that the evidence was relevant to the valuation finding, but does not discuss how each specific piece of evidence was likely to affect the outcome of the trial, in light of all the evidence presented. Id. Accordingly, we affirm the district court’s evidentiary rulings. V. Valuation Finding Next, the Trustee appeals the district court’s findings of fact following the ten-day bench trial, arguing that the court erred in concluding that Ideare was worth more than $12 billion on the date of the spin-off. We review findings of fact made by a district judge during a bench trial for clear error. Dickerson v. Lexington Ins. Co., 556 F.3d 290, 294 (5th Cir.2009). “A finding is ‘clearly erroneous’ when there is no evidence to support it, or if the reviewing court, after assessing all of the evidence, is left with the definite and firm conviction that a mistake has been committed.” Baldwin v. Taishan Gypsum Co., Ltd. (In re Chinese-Manufactured Drywall Prods. Liab. Litig.), 742 F.3d 576, 584 (5th Cir.2014). When “the district court’s account of the evidence is plausible in light of the record viewed in its entirety, the court of appeals may not reverse it even though convinced that had it been sitting as the trier of fact, it would have weighed the evidence differently.” Anderson v. City of Bessemer City, 470 U.S. 564, 573-74, 105 S.Ct. 1504, 84 L.Ed.2d 518 (1985). If we determine that “there are two permissible views of the evidence,” then we may not conclude that the court’s choice between them was clearly erroneous. Id. Following the bench trial, the district court issued a sixty-six page Memorandum of Decision that carefully discussed the exhibits and testimony presented at trial. See U.S. Bank Nat’l Ass’n v. Verizon Commc’ns Inc., 3:10-CV-1842-G, 2013 WL 230329 (N.D.Tex. Jan. 22, 2013) (hereinafter “U.S. Bank (Findings of Fact)”). The district court found, based on exhibits and the testimony of witnesses, that the value of Ideare on November 17, 2006, was at least $12 billion. Id. at *1. The district court first considered the testimony of the Trustee’s expert witness, Carlyn Taylor. Id. at *2. While the court found her highly qualified to offer an expert opinion, it ultimately concluded that her valuation of Ideare at $8.15 billion was unpersuasive. Id. at *3, *9. The court considered the three valuation calculations Taylor performed to arrive at the $8.15 billion figure, but it rejected them because: (1) they did not include all available information, such as the trading price for Ideare on NYSE; (2) the financial projections on which she relied were unreliable; and (3) there were “multiple instances of double counting that infected both Taylor’s ... analysis and her overall conclusions.” Id. at *7-9. In coming to this conclusion, the district court relied on the expert testimony of Mark Hopkins, an expert witness for Appellees, and on the market evidence of the value of Ideare at the time of the spin-off. Id. at *6. Contrary to the Trustee’s claims, the district court found that the evidence of Idear