Fremont Shareholder Pitches Competing Ch. 11 Plan

Law360, New York (October 14, 2009, 5:20 PM EDT) -- Contending that it can provide the best prospects for the Fremont General Corp. to emerge from Chapter 11 protection, investor New World Acquisition LLC has pitched a reorganization plan in the subprime lender’s bankruptcy case, throwing itself into competition with plans already filed by the debtor, unsecured creditors and equity holders.

New World, which describes itself as holding substantial amounts of Fremont stock, filed its plan and disclosure statement Tuesday in the U.S. Bankruptcy Court for the Central District of California, stating that it can provide...
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