Black Diamond Blasts Rival Lenders' GSC Ch. 11 Plan

Law360, New York (May 24, 2011, 8:04 PM EDT) -- Black Diamond Capital Management LLC denounced minority lenders’ Chapter 11 plan for GSC Group Inc. in New York on Monday as the latest ploy to derail the $235 million sale of GSC’s investment management business to Black Diamond.

Black Diamond, which opted to take over the bankrupt alternative investment company through a credit bid, urged the bankruptcy court to reject the noncontrolling lenders’ “unconfirmable” plan, saying it merely seeks to resurrect a bid that failed at auction and install Sankaty Advisors LLC, an affiliate of Bain...
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