JPMorgan Dealt Blow In Freedom Loan Suit With Luxor

Law360, New York (July 27, 2011, 8:36 PM EDT) -- A New York court on Monday refused to greenlight JPMorgan Chase Bank NA's distribution plan for a $300 million loan to bankrupt media conglomerate Freedom Communications Inc. in a dispute with Luxor Capital LLC over its share in the credit agreement.

New York State Supreme Court Judge Eileen Bransten denied loan agent JPMorgan's motion for summary judgment, which had sought the court's approval for a tiered method for distributing Freedom's loan payments to various lenders including Luxor.

Luxor had purchased its interest in the credit agreement...
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