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Court OK's GB Holdings’ Ch. 11 Plan

Law360 (January 30, 2007, 12:00 AM EST) -- A federal bankruptcy judge has given the green light to the Chapter 11 plan of GB Holdings Inc., shielding billionaire and majority shareholder Carl Icahn from any further litigation over his handling of the Sands Hotel and Casino, once owned by the bankrupt gaming company.

U.S. Bankruptcy Court Judge Judith Wizumur on Tuesday confirmed the company’s reorganization plan, giving bondholders led by Harbinger Capital Management $53 million and major shareholder Robino Stortini Holdings Inc. $3.9 million.

GB Holdings filed for bankruptcy in September 2005 after Icahn,...
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