In re NationsRent Inc.
Jan
09
2008
Ruling
Creditors holding make whole sale claims were entitled to priority over senior note holders'claims.
Procedural posture
The unsecured creditors liquidating trust sought an order approving an initial distribution to the general unsecured creditors. The trust held approximately $19.37 million in cash and sought to make an initial distribution of $19 million. Objections to the order of distribution questioned whether the senior notes held by sellers of assets to the debtors were subordinated to the make-whole sale claims and the assignee of claims.
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Court
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