Bank Of NY Seeks To Cut Norwood Price Tag By $56M

Law360, New York (May 21, 2009, 12:00 AM EDT) -- The Bank of New York Mellon has filed an objection to the sale of bankrupt promotional gifts supplier Norwood Promotional Products Holdings Inc.'s assets, claiming that the proposed price tag is $56 million too high and that as an agent for certain lenders, it also plans to make a bid for Norwood's assets.

The bank filed its objection in the U.S. Bankruptcy Court for the District of Delaware on Wednesday, two weeks after Norwood asked the court to approve bidding procedures and a stalking horse agreement...
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