Objections To Edge Petroleum Ch. 11 Plan Pile Up

Law360, New York (December 9, 2009, 6:53 PM EST) -- The trustee overseeing Edge Petroleum Corp.’s prepackaged Chapter 11 case and the Texas Comptroller of Public Accounts have filed objections to the energy company’s proposed plan, alleging that it gives too much weight to company insiders and fails to account for certain tax claims.

Trustee Charles McVay and the comptroller lodged objections to the plan Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas.

The trustee’s objections center on Edge's proposed $1.8 million employee incentive plan, which offers severance and other incentives to...
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