Innkeepers, Cerberus Talks Stall Trial Over Dead $1B Deal

Law360, New York (October 11, 2011, 4:50 PM EDT) -- The trial over Innkeepers USA Trust's scuttled $1.12 billion property deal was postponed for a second day Tuesday in New York bankruptcy court after the company and the private equity fund it sued apparently continued negotiating a settlement agreement.

Innkeepers had confirmed Monday — which was to have been the first day of trial with defendants Chatham Lodging Trust and a unit of Cerberus Capital Management LP — that the company was in settlement talks, according to a statement from Innkeepers Chief Restructuring Officer Marc Beilinson....
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