Open Range Trustee Seeks Damages From PE Lender

Law360, Wilmington (May 23, 2012, 6:42 PM EDT) -- The Chapter 7 trustee for Open Range Communications Inc. launched an adversary suit in Delaware bankruptcy court Tuesday against One Equity Partners III LP, claiming the investment firm withheld $16.5 million in funding it had promised the now-defunct Internet provider.

The complaint alleges that OEP, a private equity arm of JP Morgan Chase & Co., and OEP Open Range Holdings LLC started to renege on their $40 million loan agreement within months of striking it, paying only $23.5 million before Open Range filed for bankruptcy....
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