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Riverstone Triumphs In Bid To Auction Off Assets

Law360 (February 27, 2006, 12:00 AM EST) -- Amid shareholder objections and creditor concerns, a federal bankruptcy judge has decided to allow telecommunications company Riverstone Networks Inc. to auction off its assets, with Lucent Technologies Inc. entering an opening bid of $170 million.

Judge Christopher S. Sontchi of the U.S. Bankrupcty Court in Wilmington, Del. endorsed the proposed auction late Friday, scheduling a hearing to approve the sale for March 23.

The decision is a boost for Riverstone, which had been seeking court permission to accept a $170-million bid from Lucent, or a higher...
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