Canon Balks At Ritz Camera Asset Sale To RCI

Law360, New York (July 23, 2009, 2:17 PM EDT) -- Canon USA Inc. has objected to Ritz Camera Centers Inc.'s proposed asset sale to RCI Acquisition LLC, saying it amounts to a disguised transfer of potentially hundreds of millions of dollars in assets to an entity controlled by Ritz's former CEO.

Canon filed its objection Wednesday in the U.S. Bankruptcy Court for the District of Delaware, saying the proposed sale, if approved, would be made without meaningful disclosure to Ritz's creditors; divest Ritz's estate of significant assets, including potential claims and causes of action against directors...
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