Portrait’s Asset Sale Bid Under More Fire

Law360, New York (May 30, 2007, 12:00 AM EDT) -- Portrait Corp. of America Inc. has been hit with more attacks in its attempt to sell off its assets to Consumer Programs Inc. for $100 million, with insurers and a group of Texas counties filing objections to the bankrupt photography company’s sale bid.

In court documents filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, one group of insurance companies, known collectively as the CNA companies, said they wished to make sure that that the sale will not in any way...
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