Judge OKs $12M Cash Collateral For Ziff Davis

Law360, New York (April 2, 2008, 12:00 AM EDT) -- Technology magazine publisher Ziff Davis Media Inc. passed another hurdle Monday in its bankruptcy, winning court approval to use up to $12 million in cash collateral.

U.S. Bankruptcy Judge Burton R. Lifland of the Southern District of New York directed Merrill Lynch & Co., the operator of Ziff Davis' accounts, to transfer $12 million from a segregated account into the company's initial account.

The funds come from a sales agreement from the summer, when Ziff Davis sold several of its assets and assigned certain liabilities to...
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