Tilton Quits, Then Returns, After Losing Patriarch Sale Control

Law360 (March 26, 2020, 5:12 PM EDT) -- Distressed debt investment mogul Lynn Tilton on Thursday partially walked back a weekend resignation of her controlling positions over a fleet of Patriarch Partners companies, after reportedly quitting Saturday in the wake of a Delaware bankruptcy court order directing her compliance with milestones for selling the businesses.

The resignation after U.S. Bankruptcy Judge Karen B. Owens’ order led to a flurry of sealed emergency motions earlier this week, followed by the reported delivery of a letter from Tilton on Thursday saying that she intended to remain at the helm of some "Portfolio" businesses until the situation stabilized and new leadership was...

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