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Creditors Get Film Co. Owner's Bankruptcy Converted To Ch. 7

Law360 (August 10, 2018, 8:32 PM EDT) -- The bankruptcy case of Calrissian LP was converted to a Chapter 7 liquidation Friday when a Delaware judge said the company’s estate needed to explore potential litigation over its failed acquisition of film distribution company Our Alchemy LLC, which led to its own insolvency proceedings.

In an opinion issued by U.S. Bankruptcy Judge Kevin Gross, the court said that even though Calrissian wanted its case dismissed because it has only $400 in assets remaining and has no hope of filing a Chapter 11 plan, potential causes of action could be valuable for creditors whose claims have not yet been satisfied....

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