Tanner & Haley asks for court approval of settlement agreement with creditor Pinnacle

By Reshmi Basu

New York, Nov. 7 - Tanner & Haley Resorts asked for court approval of a settlement agreement between its U.S.-operated affiliates and creditor Pinnacle Corporate Finance Group LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Connecticut.

In 2004, Gary Pryor of Pinnacle entered into an employment agreement with one of Tanner & Haley's entities. In the following year, Pryor's contract was ended and shortly after, he filed a lawsuit against the company in the State of Delaware.

According to the motion, he filed a $5.29 million unsecured claim and a $10,000 priority claim against the affiliates of Tanner & Haley.

The parties have, however, resolved the matter.

Under the new agreement, Pryor will be allowed a $1 million unsecured claim against the company.

In exchange, he will dismiss the lawsuit against Tanner & Haley and will have no further claims against the company and its affiliates.

Tanner & Haley is a hospitality and real estate company based in Westport, Conn. It filed for Chapter 11 on July 23, 2006, and its case number is 06-50245.

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