Triangle Transp. Inc.
Dec
03
2009
Ruling
Bid of majority shareholders of debtor for purchase of assets accepted.
Procedural posture
Two groups of shareholders of the chapter 7 debtor, the majority and minority shareholders, each submitted bids to make a good faith purchase of the chapter 7 sale of assets. Those parties had been engaged in a lengthy struggle for control of the debtor which resulted in the failure of the chapter 11 reorganization of the debtor.
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Court
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