US Bancorp, JPMorgan Rip Capmark's Disclosure

Law360, New York (May 25, 2011, 2:51 PM EDT) -- JPMorgan Chase Bank NA and U.S. Bancorp objected to Capmark Financial Group Inc.’s disclosure statement explaining its Chapter 11 plan Tuesday in Delaware, saying the bankrupt commercial mortgage lender needs to better explain its unsecured claims estimates and third-party releases.

The secured creditors ripped Capmark’s disclosure as inadequate and asked the Delaware bankruptcy court to force revisions. Capmark submitted its reorganization plan in April, proposing to streamline operations by eliminating its low-income housing tax credit business.

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