Suit Against Musicland Over Harris Loan Tossed

Law360, New York (May 23, 2008, 12:00 AM EDT) -- A judge has thrown out a lawsuit filed against two banks by a group of entertainment companies over a last-minute $25 million loan to Musicland Holding Corp., affirming a judgment a bankruptcy court made last year.

The eight secured trade creditors, which include Buena Vista Home Entertainment Inc. and Paramount Pictures Corp., brought the suit in May 2007, claiming the banks — Harris NA and Wachovia Bank NA — participated in “subterfuge” to disguise the loan as part of a revolving credit facility secured by a...
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