Former Giordano's Owner Objects To Liquidation Plan

Law360, New York (October 24, 2011, 6:13 PM EDT) -- The former owner of the bankrupt Giordano's pizza chain on Monday filed an objection to the Chapter 11 trustee's liquidation plan in Illinois, saying a proposed asset sale won't garner the highest bid possible for unsecured creditors.

GEI Pizza LLC submitted an omnibus objection to Giordano's Enterprises Inc. trustee Philip V. Martino's motion for an order setting the bidding procedures, saying the motion was “rushed” and Martino was succumbing to pressure from secured creditor Fifth Third Bank.

“As a consequence, the trustee abandoned a potential bid...
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