| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for GB Holdings, Inc. > News item |
GB Holdings' Icahn affiliates request court protection from creditors' committee depositions
By Caroline Salls
Pittsburgh, June 6 - GB Holdings, Inc.'s Icahn affiliates asked the U.S. Bankruptcy Court for the District of New Jersey for a protective order that would keep the company's official committee of unsecured creditors from taking depositions from the Icahn affiliates until after an adversary proceeding is filed, according to a Tuesday court filing.
According to the motion, the depositions were requested because the committee needs to investigate claims to be brought on behalf of GB's estate and its creditors in order to file a plan of reorganization.
The Icahn affiliates said this reasoning no longer exists, and the committee never sought to take any depositions before preparing and filing its disclosure statement and plan of liquidation.
The motion said the plan expressly identifies the exact causes of action the committee plans to go pursue through a liquidation trust.
The Icahn affiliates said there will be ample time for discovery when this litigation begins, and the court has instructed the committee to commence an action on the allegations in the disclosure statement that the Icahn affiliates' secured claim and equity interests in the company should be equitably subordinated or disallowed.
"The committee's only purpose in taking these depositions now is to obtain two opportunities to depose the same individuals, the first time potentially without all of the procedural protections that apply to a deposition in an adversary proceeding," the motion said.
GB Holdings has no operating activities. It filed for bankruptcy on Sept. 29, 2005. Its Chapter 11 case number is 05-42736.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.