Lothian Bankruptcy Deal Survives Shareholder Challenge

Law360, New York (October 7, 2011, 3:27 PM EDT) -- A Texas federal judge on Wednesday refused to set aside a settlement in which bankrupt Lothian Oil Inc. agreed to give a supposed competitor, created by a group of shareholders, $200 million worth of property for $115,000 as part of an allegedly fraudulent Chapter 11 case.

U.S. District Judge Harry Lee Hudspeth upheld a bankruptcy court order declining to nix the settlement between Lothian and Nawab Energy, saying the appellants — a group of Lothian shareholders — filed their objection outside the 180-day window for revocation...
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Case Information

Case Title

Anti Lothian Bankruptcy Fraud Committee et al v. Lothian Oil Incorporated


Case Number

7:10-cv-00002

Court

Texas Western

Nature of Suit

Bankruptcy Appeal (801)

Judge

Harry Lee Hudspeth

Date Filed

January 7, 2010

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