Platinum Investors Lose Bid To Overturn Nordlicht Ch. 7 Deal

By Rick Archer (May 19, 2022, 8:36 PM EDT) -- A New York federal judge on Thursday declined to overturn a bankruptcy court's approval of a $2.5 million settlement in the bankruptcy of defunct hedge fund Platinum Partners' founder over an alternative deal, saying the bankruptcy judge was not wrong to find the deal he chose better.

In his opinion, U.S. District Court Judge Kenneth Karas rejected Richard and Marisa Stadtmauer's appeal of the bankruptcy court's acceptance of the settlement rather than the one they proposed, saying that the accepted deal was the best offer and that it did not override any secured or priority claims they had against Platinum co-founder...

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