Black Diamond Entities Lose Bid To Lodge Late GSC Claims

Law360, New York (November 1, 2011, 4:28 PM EDT) -- Entities controlled by the Black Diamond Capital Management LLC affiliate that purchased bankrupt GSC Group Inc.'s assets in July lost their bid Monday to assert late claims against the GSC debtors.

U.S. Bankruptcy Judge Arthur Gonzalez shot down a motion from GSC Recovery IIA GP LP and GSC Recovery III GP LP — which court documents said are now controlled by Black Diamond affiliate GSC Acquisition Holdings LLC because of the asset sale — and other general partners to deem late claims timely filed.

The debtors...
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