GB Holdings Seeks Funds For Icahn’s Defense

Law360, New York (March 1, 2006, 12:00 AM EST) -- Corporate raider Carl Icahn’s bankrupt holding company has asked for approval to use insurance funds to cover defense costs for Icahn and other former executives embroiled in a shareholder lawsuit.

GB Holdings Inc., which once owned the Sands Hotel and Casino in Atlantic City, told a bankruptcy court judge that Icahn and other executives need the insurance money to fund their defense in a battle with shareholders who have tried to block the transfer of the hotel to one of Icahn’s other companies.

GB Holdings has...
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