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Tousa Noteholders’ Cash Collateral Appeal Spurned

Law360 (March 12, 2009, 12:00 AM EDT) -- The bankruptcy judge for Tousa Inc.’s Chapter 11 reorganization has dismissed an appeal by minority noteholders and Wells Fargo Bank NA to exclude the paydown provision of the company’s cash collateral order.

Judge Alan Gold issued a final order striking down the appeals by Wells Fargo and unsecured noteholders on Thursday in the U.S. Bankruptcy Court for the Southern District of Florida.

The group of minority noteholders, which includes Aurelius Capital Master Ltd. and GSO Special Situations Fund LP, and Wells Fargo initially pushed for a...
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