Capitol Bancorp Objection Filed


G3 Properties filed with the U.S. Bankruptcy Court an objection to the Amended Joint Liquidating Plan and related Disclosure Statement for Capitol Bancorp and Financial Commerce Corporation. The objection explains, “The Plan improperly proposes to permanently enjoin the Investors from continuing the State Court Litigation. In addition, the Plan contains exculpation, release and indemnification provisions which, in their current form, violate the Bankruptcy Code and should therefore be revised in order to narrow their scope. Finally, the Plan fails to provide adequate information that would permit creditors, including the Investors, to make an informed decision with respect to the Plan and the consequences thereof.”

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