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In re Applied Theory Corp.

The chapter 11 trustee moved for authorization to enter into a settlement agreement with the secured lenders of the debtor. The motion was opposed by the creditors' committee, which generally argued that aspects of the settlement were contrary to law and prejudicial to the debtors'unsecured creditor community and administrative expense creditors.
Settlement disapproved as prejudicial to unsecured creditors and administrative expense creditors.
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Commercial case opionion summary, case decided on April 24,2008, LexisNexis #0608-140