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In re Greate Bay Hotel & Casino, Inc.
United States Bankruptcy Court for the District of New Jersey
251 B.R. 213 (2000)
Greate Bay Hotel & Casino, Inc. (GBHC) and affiliated entities (debtors) filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. The bankruptcy court considered two potential plans of reorganization, one of which was proposed by corporate interests of Carl Icahn, known collectively as High River (creditor). High River’s plan called for the cash purchase of new common stock to provide GBHC with a capital infusion. Under the plan, general unsecured creditors, who constituted their own class, would receive an estimated 80-percent recovery on their claims. A separate class consisting of holders of old notes would receive an estimated 76-percent recovery. The general unsecured creditors voted for the plan; the old noteholders voted against it.
Rule of Law
Holding and Reasoning (Wizmur, J.)
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