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Ryckman Owner Must Honor $11M Trustee Buyout, Court Told

Law360 (August 9, 2018, 7:58 PM EDT) -- A liquidating trustee for bankrupt natural gas storage venture Ryckman Creek Resources LLC told a Delaware bankruptcy judge Thursday that Ryckman’s new owner can’t revoke a call-in of $11 million in trustee-held shares, and rejected demands for a $9.5 million price cut.

Sean A. Gordon of Greenberg Traurig LLP, counsel to trustee JLL Consultants Inc., said during arguments before U.S. Bankruptcy Judge Kevin Carey that Belle Butte LLP’s Chapter 11 purchase contract and related agreements set an unequivocal $50 million minimum value for the company. That figure resulted in a $10 million price for the trustee’s retained 20 percent equity share,...

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