Trustee Balks At Filene's Basement Deal

Law360, New York (October 12, 2009, 12:59 PM EDT) -- The U.S. trustee has objected to a deal among bankrupt Filene's Basement Inc., former parent Retail Ventures Inc. and shoe retailer DSW Inc. to wipe out $70 million in claims related to loans, bills and other obligations.

In an objection filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, acting U.S. Trustee Roberta A. DeAngelis said the release and exculpation provisions of the settlement are too broad. In particular, the trustee takes issue with the mutual release provision containing a release...
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