Rowe Cos. Fights Off Ch. 7 With $120K

Law360, New York (October 15, 2007, 12:00 AM EDT) -- The Rowe Cos. is fighting to hang onto $120,000 a buyer has offered in exchange for all the defunct company's stock, rejecting its trustee's motion to convert its bankruptcy to Chapter 7.

Rowe. won't see the new stock payment that American Communications plans to make if the case in the eastern Virginia bankruptcy court is converted to Chapter 7, the debtor contended on Friday. Without that $120,000, said Rowe, unsecured creditors wouldn't be repaid, and administrative creditors would see a small fraction of what they are...
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