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ChinaCast, Lenders Slam PE Firm's Insurance Payout Request

Law360, New York (October 11, 2017, 6:16 PM EDT) -- ChinaCast Education Corp. and a group of its senior lenders Wednesday asked a New York bankruptcy judge to deny a creditor a $15 million insurance payout on a securities class action judgment, calling it an improper asset grab.

ChinaCast and the investors called on the judge to reject Jayhawk Private Equity Fund II LP’s motion to lift the bankruptcy stay, saying while the $66 million judgment was entered the day before ChinaCast’s Chapter 11 filing, the fund filed its claim for the insurance too late and...
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