Movie Gallery's $74M Liquidation Deal OK'd

Law360, New York (May 21, 2010, 3:57 PM EDT) -- A bankruptcy judge has signed off on Movie Gallery's $74.2 million asset sale agreement with liquidator Great American WF LLC, which will now conduct closing sales at more than 1,000 Movie Gallery stores.

Judge Diana Morehead approved Movie Gallery's motion to hire Great American in the U.S. Bankruptcy Court for the Eastern District of Virginia on Thursday, turning a cold shoulder on earlier objections filed by the company's unsecured creditors committee and its previous liquidators.

Great American's offer, which the company said Thursday consisted of $74.2...
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