Citadel Fights Challenges To Ch. 11 Plan

Law360, New York (May 12, 2010, 7:48 PM EDT) -- Citadel Broadcasting Corp. has accused certain shareholders of attempting to disrupt its Chapter 11 process, saying they have inflated the projected valuation of the company in an attempt to make a short-term trading profit.

In a filing Tuesday in the U.S. Bankruptcy Court for the District of New York, Citadel said it has made “tough judgment calls” in an uncertain economic environment to come up with an appropriate valuation for the company, while the shareholders have taken a “stick your finger in the wind” approach to...
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