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Tuesday, October 30, 2007

Comair Creditors File Suit

Delta creditors accused the airline of cheating Comair creditors and have filed suit in the U.S. Bankruptcy court in Manhattan, according to Dow Jones Newswires. The five Wall Street investment firms – Bear Stearns Cos. and Societe Generale -- and several hedge funds, including Varde Investment Partners, Cypress Management Master LP and Par-Four Master Fund, which collectively hold $125 million in bankruptcy claims – say Delta inflated estimates of payments creditors would receive during reorganization but once they exited bankruptcy, the estimate dropped by 25 percent.
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