Adelphia Trust Fights To Save Claims Against Banks

Law360, New York (August 10, 2010, 6:32 PM EDT) -- Lawyers for the Adelphia Communications Corp. bankruptcy trust tried on Tuesday to preserve aiding and abetting claims against dozens of major banks over loans the company’s founders used in a multibillion-dollar fraud scheme.

David Friedman of Kasowitz Benson Torres & Friedman LLP argued in a packed courtroom in the U.S. District Court for the Southern District of New York that the banks were aware of problems that could result from co-borrowing arrangements that allowed founders to use Adelphia assets as backing for at least $2.8 billion...
To view the full article, register now.