Tower Records, Warner Settle To Tune Of $3.7M

Law360, New York (March 27, 2008, 12:00 AM EDT) -- Bankrupt music purveyor Tower Records asked a court on Wednesday to approve a deal with record company Warner/Elektra/Atlantic Corp. that would settle all debts and litigation between the two companies for $3.7 million.

Under the settlement, Tower Records, known under its Chapter 11 proceedings as Three A's Holdings LLC, would pay Warner $3.7 million to fully settle all claims, adversary proceedings, complaints and counterclaims.

The settlement would resolves proofs of claim totaling around $18.192 million, of which roughly $1.028 million is allegedly entitled to administrative priority...
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