Silver Point Asks USA Commercial To Disclose Bids

Law360, New York (December 5, 2006, 12:00 AM EST) -- The lead bidder for bankrupt lender USA Commercial Mortgage Co.’s portfolio of small business loans has requested that the debtors provide information about competing bidders before the auction scheduled for Dec. 7.

SPCP Group LLC, an affiliate of Greenwich, Conn.-based hedge fund Silver Point Capital, filed an emergency motion requesting that USA Commercial comply with bid procedures on Thursday. Judge Linda B. Reigle granted Silver Point’s motion and ordered a hearing on the matter for Wednesday.

Silver Point said USA Commercial’s “unreasonable refusal” to disclose information...
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