Seaboard Realty investors request official committee representation

By Caroline Salls

Pittsburgh, Feb. 19 – Several Seaboard Realty, LLC investors are asking the U.S. Bankruptcy Court for the District of Delaware to order appointment of an official committee of investors to represent them in the company’s Chapter 11 case, according to a motion filed Friday.

The investors said Seaboard Realty’s bankruptcy cases are “faced with the prospect of never-ending investigations and lawsuits regarding prepetition fraud that, if unchecked, will consume any potential recoveries for investors.”

As a result, the investors said they should be provided with adequate representation to allow them a say in the outcome of case matters, all of which address how their invested capital will be spent.

According to the motion, the company has testified under oath that significant equity value exists for investors, and the investors will provide evidence that the majority of the company’s properties have substantial equity value that should be returned to investors.

Given their view of the values of Seaboard’s properties, the investors said an investors committee can represent the interests of all stakeholders.

A hearing is scheduled for Feb. 29.

Seaboard owns office, hotel and residential properties throughout Stamford, Conn. The company filed bankruptcy on Dec. 14 under Chapter 11 case number 15-12507.

© 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.