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Bankrupt Vertical Founder Sent Into Liquidation

Law360 (January 31, 2011, 6:50 PM EST) -- A bankruptcy appellate judge on Monday affirmed a lower court's denial of a Chapter 11 reorganization plan filed by the owner of defunct financial services company Vertical Group LLC, forcing him into liquidation.

Judge Thomas Saladino denied Nathan Paul Reuter's appeal to the U.S. Bankruptcy Appellate Panel for the Eighth Circuit, saying Reuter's proposed plan was not in the best interest of his creditors.

The creditors, former investors who had lost $2.9 million through Vertical, had objected to his proposed reorganization plan and requested that the...
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