Open Range Settles With US Over Axed $267M Stimulus Loan

Law360, New York (November 21, 2012, 8:40 PM EST) -- The Chapter 7 trustee for Open Range Communications Inc. on Wednesday settled his adversary suit in Delaware bankruptcy court claiming the U.S. government toppled the rural broadband company into bankruptcy when it cut off funding for a $267 million loan.

Under the proposed agreement, the U.S. will receive $1.75 million in a disputed escrow account controlled by Open Range trustee Charles M. Forman, as well as 37.5 percent of any recovery Open Range receives from its litigation against One Equity Partners III LP, a private equity...
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