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Judge Denies BoNY's $170M Claim On Palco

Law360 (July 8, 2008, 12:00 AM EDT) -- A federal judge has denied a motion by the Bank of New York, acting as trustee for a group of noteholders, for an approximately $170 million administrative claim on the estate of Pacific Lumber Co., but allowed the noteholders to get an extra $3.6 million under Pacific Lumber's Chapter 11 plan.

Following a hearing on Tuesday, U.S. Bankruptcy Judge Richard S. Schmidt of the Southern District of Texas increased the total compensation for the noteholders from $510 million to $513.6 million, according to an attorney for...
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