Lenders Can't Scrap Asset Claims In Row Over Auto Parts Co.

Law360, New York (July 16, 2013, 7:32 PM ET) -- A New York appeals court ruled Tuesday that banks and insurers who took over auto parts maker TAP Automotive Holdings LLC must continue to face claims that TAP was formed to divest its predecessor's assets, shorting private equity firm Irving Place Capital of $28 million.

The New York Supreme Court Appellate Division says the case's claims that senior lenders comprising banks and insurers established TAP to siphon funds from its predecessor, TAP Operating Co. LLC, and engaged in a de facto merger that makes the new...
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