SeraCare Shareholders Denied Bid To Slow Proceedings

Law360, New York (September 28, 2006, 12:00 AM EDT) -- A federal bankruptcy judge denied SeraCare Life Sciences Inc. shareholders’ bid to delay the company’s auction and exit-funding hearing on Wednesday.

The group asked the court on Sept. 20 to adjourn all dates and deadlines for counter bids, objections, auctions and hearings on exit funding because SeraCare had not yet filed final documentation regarding its alleged stalking horse bid.

The shareholders want to fund the biopharmaceutical’s emergence from Chapter 11 bankruptcy protection through a rights offering, though the company wants to issue $25 million in unsecured...
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