Allied's Ch. 11 Auction Called A 'Sham' By Losing Bidder

Law360, Wilmington (September 3, 2013, 9:51 PM EDT) -- The losing bidder for Allied Systems Holdings Inc. urged a Delaware bankruptcy judge Tuesday to reject a proposed $105 million sale to a pair of private equity firms, saying the car hauler's Chapter 11 auction was a “sham” that ignored court-approved rules.

Allied tapped the combined bid from units of PE firms Black Diamond Capital Partners LLC and Spectrum Investment Partners LP as the highest and best offer following a two-day auction last month, but Jack Cooper Holdings Corp. contends the process failed to follow the...
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