C-Bass Plan Sails To Confirmation

Law360, New York (April 25, 2011, 1:57 PM EDT) -- A New York bankruptcy judge on Monday approved insolvent subprime mortgage investor Credit-Based Asset Servicing and Securitization LLC's confirmation plan, which had received no objections.

Judge Allan L. Gropper said the plan "attempts to allocate the debtor's remaining resources as reasonably as possibly considering all of the circumstances of what I now gather is being called the great recession, but for some was much more than that."

C-Bass, founded in 1996, issued, serviced and invested in subprime and other credit-sensitive residential mortgage assets. It reported liabilities...
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