- 11 U.S.C.
Amusement Indus. v. Citigroup Global Markets Realty Corp. (In re First Republic Group Realty LLC)
Dec
15
2009
Ruling
Preliminary injunction barring debtor from using funds from misappropriated escrow denied.
Procedural posture
Plaintiff California corporations filed an adversary proceeding against defendants, a chapter 11 corporate debtor and a realty corporation, claiming that the debtor misappropriated $ 13 million which one of the corporations placed in an escrow account to fund a transaction it was negotiating with the debtor. Plaintiffs filed a motion for a preliminary injunction that barred the debtor from using funds that were traceable to the deposit.
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Court
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