Icahn, Creditors Square Off Over Legal Fees

Law360, New York (March 14, 2006, 12:00 AM EST) -- Creditors and executives of bankrupt GB Holdings Inc. continue to squabble over how to pay legal fees incurred in the case, with creditors telling a bankruptcy court that GB Holdings financier Carl Icahn should pay the defense costs of company executives embroiled in a shareholder lawsuit.

The creditors committee in the ongoing bankruptcy proceedings protested an earlier request by executives to tap into insurance money to fund their defense. The creditors claim that the insurance policies are part of the bankruptcy estate and that the request...
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