We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Finova Forks Over $95M – For Now

Law360 (August 25, 2006, 12:00 AM EDT) -- A federal judge ruled Thursday that Finova Capital Corp. will have to hand back about $95 million to Thaxton Group Inc., a bankrupt operator of small loan offices.

The money will remain in Thaxton’s custody until a separate securities case between Finova and Thaxton’s noteholders is resolved, said Judge Peter Walsh at a hearing of the U.S. Bankruptcy Court in Wilmington, Del.

The hearing came after Thaxton’s official committee of unsecured creditors filed a motion with the bankruptcy court to compel Finova to return the postpetition...
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.