Battle Rages Over Brooke Bankruptcy Conversion

Law360, New York (January 6, 2009, 12:00 AM EST) -- The unsecured creditors committee of bankrupt insurance agency Brooke Corp. objected on Monday to a move to expedite the company's liquidation by banks that provided securitization services to Brooke.

In a filing in the U.S. Bankruptcy Court for the District of Kansas, the unsecured creditors called the bid for a speedy Chapter 7 liquidation of Brooke a “leverage tactic” by DZ Bank AG and other securitization company creditors to secure approximately $5.3 million dollars from Brooke's nonbankrupt subsidiaries without court authorization or an agreement with the...
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.