BoNY Says Notices In $8M Bankruptcy Settlement Were Proper

Law360, Philadelphia (December 13, 2012, 4:02 PM EST) -- A Bank of New York Mellon Trust Co. attorney asked a Pennsylvania federal judge Wednesday to overturn a bankruptcy court’s ruling rejecting an $8.1 million settlement with bondholders for a suburban Philadelphia hospital, arguing that the creditors were sufficiently informed of the details of the deal.

A bankruptcy judge rejected the $8.1 million payment, part of a reorganization plan for the nonprofit Lower Bucks Hospital, on grounds that bondholders had signed off on the agreement without being sufficiently informed of a stipulation that would have waived...
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