Tower Records Creditors Voice Opposition To Plan

Law360, New York (July 20, 2007, 12:00 AM EDT) -- Unsecured creditors in the Tower Records bankruptcy have lashed out at the company's "far from mainstream" liquidation plan, saying it prohibits general unsecured creditors from providing any input into how the company litigates pending trade vendor claims.

The official committee of unsecured creditors in the Tower Records bankruptcy on Wednesday filed its objection to the third draft of the music retailer's liquidation plan, which won court approval on Monday.

“It puts all of the decision-making authority regarding the resolution of the various remaining seminal issues in...
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