Chancery Finds Tilton In Contempt Over $6.5M Insurance Deal
Law360 (August 13, 2020, 7:24 PM EDT) -- Distressed debt mogul Lynn Tilton was ruled in civil contempt Thursday for ignoring a Chancery Court order requiring notice to bankrupt noteholder funds before she secured a $6.5 million payout from an insurer for legal fee expenses in a deal that also secured releases for the insurer from the claims of others covered by the insurer's policy.
Vice Chancellor Joseph R. Slights III issued the finding after teleconference arguments by attorneys for Zohar III Ltd. and affiliates, which financed some of Tilton's "Patriarch Partners" businesses. The vice chancellor said that Tilton's move disadvantaged two of Tilton's former portfolio companies, after Zohar fund arguments...
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