Neiman Marcus Ch. 11 Examiner Bid Dropped After Criticism

Law360 (May 29, 2020, 10:12 PM EDT) -- A Neiman Marcus noteholder withdrew its request Friday for a probe of a pre-Chapter 11 transfer of $1 billion to the retailer's private equity owners, after a Texas bankruptcy judge criticized both the motion and the performance of a Neiman director on the stand.

U.S. Bankruptcy Judge David Jones called noteholder Marble Ridge Capital's motion for an examiner a "strategic pleading" not in keeping with the spirit of the law and that one of Neiman's two independent directors had appeared "borderline incompetent" in explaining his duties and actions.

"There are 1,300 employees who should feel they were shortchanged today," he said...

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