MetaMorphix Scores Ch. 7 Conversion

Law360, New York (April 20, 2011, 5:13 PM EDT) -- After selling its assets to noteholders for a $6 million credit bid, and with its directors and officers absent, MetaMorphix Inc. won a Delaware bankruptcy court’s blessing Wednesday to convert its Chapter 11 case into a Chapter 7 liquidation.

The defunct biotech company — which was originally forced into bankruptcy by disgruntled noteholders after a failed initial public offering in 2010 — said in its motion to convert that since substantially all of MetaMorphix’s assets were sold, and its subsidiary's case was likely to be converted,...
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