GB Holdings Seeks Funds For Icahn’s Defense

Law360, New York (March 1, 2006, 12:00 AM EST) -- Corporate raider Carl Icahn’s bankrupt holding company has asked for approval to use insurance funds to cover defense costs for Icahn and other former executives embroiled in a shareholder lawsuit.

GB Holdings Inc., which once owned the Sands Hotel and Casino in Atlantic City, told a bankruptcy court judge that Icahn and other executives need the insurance money to fund their defense in a battle with shareholders who have tried to block the transfer of the hotel to one of Icahn’s other companies.

GB Holdings has...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.