Arcapita Urges Judge To Subordinate $120M Sale Claims

Law360, New York (May 20, 2013, 3:28 PM EDT) -- Arcapita Bank BSC on Thursday contended that Tide Natural Gas Storage I LP’s claims against the Bahraini bank’s estate must be subordinated below all other creditor claims because of Tide’s $515 million purchase of an Arcapita subsidiary’s natural gas assets.

In a court filing supporting its bid to keep Tide from receiving any of the estate’s resources, the bank contends that because Tide bought the assets from Arcapita affiliate Falcon Gas Storage Co. Inc. in 2010, it falls into a U.S. Bankruptcy Code provision that requires...
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