UBS, AgStar Tussle Over VeraSun Collateral

Law360, New York (December 3, 2008, 12:00 AM EST) -- UBS AG and Wells Fargo Bank AG clashed this week with AgStar Financial Services PCA over their respective liens on collateral for bankrupt ethanol producer VeraSun Energy Corp., which has said that it is considering an unsolicited buyout offer.

UBS and Wells Fargo said in objections filed Monday in the U.S. Bankruptcy Court for the District of Delaware that AgStar was improperly trying to secure a senior lien on their collateral, and asked the court to deny a motion filed last week by AgStar to grant...
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