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GB Holdings' Icahn affiliates object to unsecured creditors' disclosure statement
By Jennifer Lanning Drey
Eugene, Ore., Sept. 1 - GB Holdings' Icahn affiliates filed an objection to the third modified disclosure statement for the official committee of unsecured creditors' third modified plan of liquidiation on Friday with the U.S. Bankruptcy Court for the District of New Jersey.
In the objection, Icahn said the committee's disclosure statement is unconfirmable because it does not describe what the committee will do to realize value from the shares of Atlantic Coast Entertainment Holdings Inc. stock that are one of GB Holdings' two assets, according to the filing.
The objection also said the statement is vague about when the liquidating trust intends to sell or distribute the stock.
In addition, Icahn said the disclosure statement falsely implies that Icahn refused to provide the committee with access to Atlantic Holdings' books and records.
Under the committee's plan, GB Holdings will be dissolved, and substantially all of the company's assets will be transferred to a liquidating trust to maximize the value of and liquidate the company's assets and prosecute causes of action against the company.
Because the plan proposes to place the Atlantic stock into the liquidating trust while the committee pursues causes of action against Icahn, it assumes that a recovery on the fraudulence claims could be had without regard to value of the stock, Icahn said.
Icahn also said that by placing the only asset of GB Holdings' estate into the liquidating trust, the committee is serving its litigation purposes.
GB Holdings has no operating activities. It filed for bankruptcy on Sept. 29, 2005. Its Chapter 11 case number is 05-42736.
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