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.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.