Cengage Tries To Keep $274M Fund Out Of JPMorgan's Hands

Law360, New York (September 23, 2013, 3:35 PM ET) -- A $273.9 million money market fund held by bankrupt textbook publisher Cengage Learning Inc. is not included in the company's collateral package with JPMorgan Chase Bank NA and a lien therefore does not exist, Cengage told a New York bankruptcy court Friday.

The Federated Fund, which invests in treasury securities and is publicly traded on the Nasdaq, is not a wholly-owned subsidiary of the publisher and, because of that, was not included in security agreements with any creditors, Cengage argued.

“Certain assets of the debtors are...
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