PE Firms Blast Challenge To Allied Ch. 11 Auction

Law360, Wilmington (September 6, 2013, 7:51 PM EDT) -- The two private equity firms that won the auction to acquire the assets of bankrupt Allied Systems Holdings Inc. struck back Friday at allegations by losing bidder Jack Cooper Holdings Corp., saying it had only raised objections because it regretted losing in the auction.

Black Diamond Capital Partners LLC and Spectrum Investment Partners LP bought the car hauler for $105 million in a Chapter 11 auction on Aug. 16, beating out Allied competitor Jack Cooper. Jack Cooper raised objections to the sale on Tuesday, saying the...
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