TitleMax Ch. 11 Rolls Over Merrill $15M Cash Demand

Law360, New York (January 11, 2010, 1:55 PM EST) -- Expecting to win confirmation of its reorganization plan by April, TitleMax Holdings Inc. will continue to use cash collateral on terms Merrill Lynch Mortgage Capital Inc. contends let the debtor avoid paying down $15 million of the $151 million owed to the bank.

Judge Lamar W. Davis Jr. of the U.S. Bankruptcy Court for the Southern District of Georgia dealt Merrill Lynch a blow Friday, holding that the lender is over-secured and faces no economic injury if TitleMax continues to operate off the cash proceeds of...
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