Bankrupt Satellite Co. Launches Outer Space Dispute

Law360, New York (October 22, 2009, 1:00 PM EDT) -- Unsecured creditors of bankrupt satellite company ProtoStar Ltd. have sued The Bank of New York Mellon and Wells Fargo & Co., alleging they failed to prove that their liens have priority over other claims and seeking to stop them from auctioning off company assets that exist in outer space, an area of legal limbo.

The official committee of unsecured creditors of ProtoStar on Wednesday sued the two banks in the U.S. Bankruptcy Court for the District of Delaware. The Bank of New York Mellon is trustee...
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