Extended Stay Trustee Bows Out After Feud Over Lender Suits

Law360, New York (July 6, 2012, 2:45 PM EDT) -- The liquidation trustee for bankrupt hotel chain Extended Stay Inc. on Thursday asked to be released from the case, after failing to resolve a disagreement with the company's unsecured creditors about whether to sue five mezzanine lenders who financed the 2007 buyout that eventually crippled the company.

Hobart Truesdell of Walker Truesdell Roth & Associates asked the court to appoint Finbarr O'Connor of Capstone Advisory Group LLC, Extended Stay's Chapter 11 plan administrator, as successor trustee, in a joint motion filed in New York bankruptcy court....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.