PSEG Wants Dynegy's 'Bogus' Ch. 11 Axed

Law360, New York (November 22, 2011, 3:51 PM EST) -- Several Public Service Enterprise Group Inc. units asked a New York bankruptcy court Friday to throw out the Chapter 11 case of electricity provider Dynegy Holdings LLC, claiming the company's insolvency was an artificial one manufactured by Carl Icahn and certain other shareholders.

The company's supposedly fake liquidity crisis was merely a ploy aimed at stymieing a handful of creditors by filing for bankruptcy in bad faith, after Icahn and others restructured the company, PSEG said Friday in its motion to dismiss. The allegations stem from...
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