ICW Objects To Developer's Use Of Cash Collateral

Law360, New York (December 2, 2009, 7:10 PM EST) -- Insurance Company of the West is objecting to California Coastal Communities Inc.'s bid to use cash collateral as the upscale developer struggles to emerge from bankruptcy following the collapse of the real estate market.

The company on Tuesday told the U.S. Bankruptcy Court for the Central District of California that it opposed California Coastal's motion for the court to authorize use of cash collateral.

With nearly $22.6 million in claims, ICW is listed as the largest unsecured creditor of California Coastal. The insurer said it also...
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