Shareholder Wants Ch. 11 Trustee In Raser Bankruptcy

Law360, New York (June 15, 2011, 6:14 PM EDT) -- A Raser Technologies Inc. shareholder on Wednesday asked a Delaware bankruptcy court to appoint a trustee in the Chapter 11 proceedings for the geothermal energy company in order to investigate allegations of securities fraud committed by company financiers and executives.

A financing deal for the company's only operational plant, Thermo No. 1, allowed creditors Linden Partners LP and Merrill Lynch & Co. Inc. to loan Raser money while also allowing them to short the company's stock, according to a motion filed by the shareholder, Prescott Lovern...
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