Bankrupt Arcapita Preps For Stay Fight Over $120M Damages

Law360, New York (July 31, 2012, 6:45 PM EDT) -- Arcapita Bank BSC(c) is ready to argue before a New York bankruptcy judge Wednesday over an automatic stay that bars Tide Natural Gas Storage I LP from pursuing $120 million in fraud and breach of contract damages against a natural gas subsidiary.

The bankrupt Bahraini bank and its opponent will appear before U.S. Bankruptcy Judge Sean H. Lane in the fight over $120 million in damages and the rescission of a $515 million sale transaction with Arcapita unit Falcon Gas Storage Co. Inc. The debtor argues...
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