QOC Ch. 11 An Excuse To Delay Debt, Wells Fargo Says

Law360, New York (October 7, 2010, 7:00 PM EDT) -- Wells Fargo Bank NA has said QOC I LLC's bankruptcy proceedings are merely a “bad faith” attempt to delay paying back nearly $138.4 million in debt owed to the bank and should be dismissed.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the Southern District of Florida, Wells Fargo said that QOC is simply a special purpose vehicle to hold 283 life insurance policies with no employees and no place of business, and thus is not entitled to Chapter 11 protection.

The life...
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