Finova Forks Over $95M – For Now

Law360, New York (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...
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