Merrill Lynch Calls TitleMax Disclosure Misleading

Law360, New York (February 1, 2010, 3:50 PM EST) -- Merrill Lynch Mortgage Capital Inc. has opened up a new offensive in its fight against bankrupt automobile title company TitleMax Holdings Inc., saying the company's disclosure statement is rife with inaccuracies and misleading statements and calling its first amended Chapter 11 reorganization plan “patently unconfirmable.”

In a motion filed Friday in the U.S. Bankruptcy Court for the Southern District of Georgia, Merrill, which serves as the agent for TitleMax's secured lenders, said the debtor's amended restructuring plan was not proposed in good faith because it “artificially...
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