DBSI Plan Promises Limited Recovery For Creditors

Law360, New York (May 11, 2009, 12:00 AM EDT) -- Bankrupt real estate investment company DBSI Inc. has filed a liquidation plan that it says will provide full recovery for priority secured claims and some recovery for other secured and unsecured claims.

The plan, filed Friday in the U.S. Bankruptcy Court for the District of Delaware, would create a single liquidating trust, overseen by a liquidating trustee, for DBSI and its hundreds of bankrupt affiliates. Much of the company's debt is held by a handful of subsidiaries that were created for the purpose of issuing notes....
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