Nassau Creditors Get Court To Speed Up Hearing On Company's Cash Spending
September 29, 2011 at 4:50 AM (PT)
GOLDMAN SACHS LENDING PARTNERS LLC, FORTRESS CREDIT OPPORTUNITIES I LP, and P.E. CAPITAL, LLC., the creditors seeking to put NASSAU BROADCASTING PARTNERS into involuntary Chapter 7 bankruptcy, have had their request to move up a hearing on the company's cash disbursements granted by U.S. Bankruptcy Court Judge KEVIN GROSS.
The judge granted a motion to shorten the required 14-day notice and allow a hearing on OCTOBER 6th at 10a, with responses and objections due OCTOBER 5th.
The motion asserted that "there is a genuine concern that assets of the Alleged Debtors’ estates may be used for purposes other than those directly related to the normal course operation of the Alleged Debtors’ businesses and, in particular, to further the personal and parochial interests of (NASSAU principal) Mr. (LOU) MERCANTANTI."