U.S. To Collect $1.5M On $946M Marcal Claim

Law360, New York (May 22, 2008, 12:00 AM EDT) -- The judge overseeing Marcal Paper Mills Inc.'s Chapter 11 proceedings has approved a settlement under which Marcal's would-be purchaser will pay $1.5 million to resolve a $946 million claim lodged by the U.S. government.

U.S. Bankruptcy Judge Morris Stern approved the deal on Wednesday, overruling an objection from the Lower Passaic River Study Area Cooperating Parties Group.

An attorney for the Cooperating Parties Group declined to comment on the settlement on Thursday. The CPG bills itself as a group of more than 70 companies working to...
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.