Barnes Bay Allows Court Oversight Of Discount Offer

Law360, New York (May 3, 2011, 5:23 PM EDT) -- In response to a lawsuit lodged by unsecured creditors, Barnes Bay Development Ltd. agreed Tuesday to bankruptcy court oversight of its discounted closing offer to creditors with deposits on units at the developer’s luxury resort in Anguilla.

The official committee of unsecured creditors filed an adversary proceeding Monday seeking an injunction against the discount offer, alleging that letters sent by Barnes Bay’s chief restructuring officer outlining the offer to deposit creditors — who are owed $65 million — amounted to a coercive and improper solicitation on...
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