Ruden McClosky Asset Buyer Balks At Ch. 7 Switch

Law360, New York (June 26, 2012, 9:52 PM EDT) -- Greenspoon Marder PA — the sole bidder for bankrupt law firm Ruden McClosky PA — on Tuesday objected to a conversion to a Chapter 7 bankruptcy, saying the move would disrupt the proceedings and incur unnecessary administrative costs.

In an objection filed in Florida bankruptcy court, Greenspoon Marder said converting the Chapter 11 proceedings to a Chapter 7 liquidation would disrupt the flow of information between the prospective buyer and Ruden McClosky's chief restructuring officer Joseph Luzinski. In addition, the appointment of a Chapter 7 trustee...
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