2008 Asset Holding's Ch. 11 Plan Snubs Shareholders

Law360, New York (September 10, 2009, 4:11 PM EDT) -- Bankrupt 2008 Asset Holding Corp., a real estate-related securities investment firm that was managed by financial advising company GSC Group, will pay back only 1 to 2 percent of its $112 million in debt, according to a Chapter 11 reorganization plan filed in federal court.

The corporation filed the plan Wednesday in the U.S. Bankruptcy Court for the Southern District of New York. The plan allows for the company to dissolve itself after paying back its unsecured creditors, and shareholders are unlikely to see a dime....
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