RCS Capital Fails To Undo ABC Ch. 15 Protections

Law360, New York (January 21, 2011, 7:23 PM EST) -- RCS Capital Development LLC has failed to persuade a bankruptcy court to reconsider its decision to protect the assets of Australian child care provider ABC Developmental Learning Centres Ltd., which owes RCS $47 million in a breach of contract suit.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware on Friday refused most of RCS' motion for reconsideration, which had asked the court to remove certain assets from bankruptcy protection.

RCS, which had opposed the debtor's Chapter 15 petition, argued that the...
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