Global Home Creditors Sue Wachovia Over Liens

Law360, New York (March 27, 2007, 12:00 AM EDT) -- Unsecured creditors of Global Home Products LLC are taking aim at Wachovia Bank in a lawsuit that challenges liens the bank believes it has on the insolvent housewares maker’s assets.

The adversary proceeding, filed Friday in the U.S. Bankruptcy Court for the District of Delaware, alleges that Wachovia does not hold valid and perfected liens or security interests in certain Global Home assets, such as inventory and equipment located outside the U.S., including assets in Mexico.

The creditors also said Wachovia does not hold liens in...
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