5th Circ. Snubs Challenge To Lothian Bankruptcy Deal

Law360, Los Angeles (January 24, 2013, 4:51 PM EST) -- The Fifth Circuit on Wednesday rejected a bid by shareholders of bankrupt Lothian Oil Inc. to scrap a settlement that would give a competitor $200 million worth of property for $115,000, ruling the investors had filed their request too late to contest the deal.

The three-judge appeals panel upheld the settlement between Lothian and Nawab Energy Partners LP, finding the Anti-Lothian Bankruptcy Fraud Committee had challenged the deal outside the 180-day window for revocation of the plan. Anti-Lothian is an unofficial group of shareholders seeking remedies...
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