Copia case moves along, with flash of anger

Judge shows little patience with third-party objector

By JENNIFER HUFFMAN
Register Business Writer

The judge overseeing the Copia bankruptcy case slammed a player in the complicated proceeding Friday, even as the case inched closer to resolution.

Representatives for Copia — the defunct downtown Napa center for wine, food and the arts — and bond insurer ACA Financial Guaranty Corporation assured the court they were close to filing a joint bankruptcy plan for the center. They told U.S. Bankruptcy Judge Alan Jaroslovsky that their plan for the 12-acre riverfront site could be submitted by next week.

One Copia creditor attempted to delay the proceedings and was dressed down by Jaroslovsky.

Known in the bankruptcy world as a claims trader, Copia Claims LLC, bought into the Copia bankruptcy case by purchasing the interest of an original Copia creditor. At U.S. Bankruptcy Court in Santa Rosa on Friday, Kathy Quon Bryant, attorney for Copia Claims, asked that the bankruptcy resolution be delayed. Copia Claims contends the bond transfer between two groups of Copia bondholders was flawed.

Jaroslovsky would have none of it.

“Copia Claims is a little gnat on this case,” said Jaroslovsky. “There is a limit to how much attention I want to give a gnat when we’ve got more important issues.”

The claims trader must wait until confirmation hearings on the bankruptcy for further objections to be heard, he said.

“I don’t feel it’s appropriate for me to hold up this very important case because your clients think they can make a few bucks,” said Jaroslovsky.

Eyeing Quon Bryant from the bench, “There’s lots of countries that put people in jail for buying their way into a bankruptcy case,” noted Jaroslovsky.

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