Optim Energy Creditor Can't Challenge $700M Cascade Claim

Law360, Wilmington (May 13, 2014, 9:09 PM EDT) -- A Delaware bankruptcy judge ruled Tuesday that power plant operator Optim Energy LLC's creditor and coal supplier Walnut Creek Mining Co. did not have standing to challenge the characterization of a roughly $700 million secured claim by the company's nondebtor parent, Bill Gates' Cascade Investment LLC.

In a 19-page opinion, U.S. Bankruptcy Judge Brendan L. Shannon ruled that Walnut Creek did not plead a plausible case that debt owed to Cascade ought to be rescheduled as simply an equity claim or show that the Gates-controlled company...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.