New Ownership Claim Clouds Bankrupt Co.'s Planned Plant Sale

Law360, Wilmington (June 14, 2012, 8:11 PM EDT) -- Global Finance Corp. launched an adversary complaint in Delaware bankruptcy court on Thursday asserting ownership of a planned 500-megawatt solar plant project that bankrupt Solar Trust of America LLC plans to sell at a Chapter 11 auction next week.

Las Vegas-based GFC contends it is now the rightful owner of the 500-megawatt Amargosa Valley project in Nevada because Solar Trust reneged on the terms of their joint development agreement.

The complaint alleges that Solar Trust forfeited its ownership and development rights through its “actions and inactions”...
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