Investor Asks Judge To Dismiss Riverstone Bankruptcy

Law360, New York (February 24, 2006, 12:00 AM EST) -- A major shareholder of Riverstone Networks Inc. has asked the court to dismiss the telecommunication company’s bankruptcy case amid accusations that the bankruptcy was not initiated in good faith.

Charles L. Grimes, one of Riverstone's largest shareholders, alleged in court papers that the routing equipment manufacturer is actually solvent and does not need to file for Chapter 11.

California-based Riverstone sought bankruptcy protection earlier this month in the U.S. Bankruptcy Court for the District of Delaware in Wilmington, listing assets of $98.3 million and liabilities of...
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