Pitcairn To Appeal Dismissal Of Ch. 11 Case

Law360, New York (September 8, 2010, 5:51 PM EDT) -- Pitcairn Properties Holdings Inc. has vowed to appeal a bankruptcy judge's decision that the real estate developer and property manager filed a Chapter 11 petition in bad faith.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware dismissed the case at a hearing Friday, finding that the filing was based on a two-party corporate dispute and was not, as the company contended, an attempt to restructure its financial obligations to its preferred shareholder.

Pitcairn sought bankruptcy protection Sept. 2 in an...
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