Innkeepers, Cerberus Trial Over Dead $1B Deal Set For Oct.

Law360, New York (August 31, 2011, 6:22 PM EDT) -- Innkeepers USA Trust on Wednesday set an Oct. 10 trial date in New York bankruptcy court for its lawsuit against a Cerberus Capital Management LP unit and Chatham Lodging Trust for torpedoing a $1.1 billion deal to buy 64 properties from the hotel operator.

The agreement was reached after a contentious hearing in which attorneys for both sides sparred over the merits of Innkeepers' adversary suit.

"There needs to be speed surrounding this situation, given that this isn't a garden-variety lawsuit,” U.S. Bankruptcy Judge Shelley Chapman...
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