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Zohar III mediator names Farnan independent director, court approves
New York, May 22 – Zohar III Corp.’s independent director will be Joseph J. Farnan Jr., according to a filing with the U.S. Bankruptcy Court for the District of Delaware on Monday.
Farnan was identified as a director by the mediator in the case, and his appointment was approved by the court.
No further details were disclosed about Farnan.
However, the website of Farnan LLP, a law firm based in Wilmington, Del., identifies Farnan as an attorney who specializes in patent litigation and consulting, particularly with pharmaceutical companies, other complex commercial matters, Chapter 11 bankruptcy proceedings and arbitration and mediation of complex disputes include the resolution of the conflict between the Los Angeles Dodgers and Major League Baseball, which resulted in the Dodgers being sold for more than $2 billion.
Farnan was U.S. District Judge for the District of Delaware from 1985 to 2010, acting as chief judge from 1997 to 2001.
As previously reported, the bankruptcy court on Monday approved a settlement between Zohar III, its class of noteholders, six Zohar funds, Lynn Tilton and MBIA Insurance Corp.
The funds include Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Ltd., Zohar II 2005-1 Corp., Zohar III, Ltd. and Zohar III, Corp.
As part of the agreement, an independent director will be appointed to govern the funds, along with a chief restructuring officer, who together with Tilton as director and manager of each portfolio company, will jointly implement the refinancing and monetization process.
Zohar is a Grand Cayman, Cayman Islands-based collateralized debt obligation. The company filed bankruptcy on March 11 under Chapter 11 case number 18-10512.
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