Judge Won't Speed Up Challenge To $235M GSC Sale

Law360, New York (July 22, 2011, 3:52 PM EDT) -- A New York federal judge on Friday refused to fast-track minority lenders' opposition to the $235 million sale of bankrupt investment management firm GSC Group Inc.'s assets to Black Diamond Capital Management LLC.

Even though minority lenders had blasted Black Diamond for allegedly structuring the deal to greatly benefit itself at their expense, the lenders' allegations are already pending in a separate state court suit so there won't be irreparable harm without an expedited appeal of the sale order, U.S. District Judge Laura Taylor Swain ruled....
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