Copia case moves along, with flash of anger
Copia representatives and bond insurer ACA Financial Guaranty Corporation said Friday they are close to submitting a bankruptcy plan. Register file art |
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Judge shows little patience with third-party objector
By JENNIFER HUFFMAN
Register Business Writer
October 28th, 2009
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The judge overseeing the Copia bankruptcy case slammed a creditor 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,” Jaroslovsky said. “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,” Jaroslovsky said.
Eyeing Quon Bryant from the bench, Jaroslovsky said, “There’s lots of countries that put people in jail for buying their way into a bankruptcy case.”
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suze wrote on Jun 26, 2009 5:31 PM:
winefreak wrote on Jun 26, 2009 5:36 PM:
We will also get to see the claims paying ability of ACA as they will be responsible for any payment shortfall to the 2007 bondholders. "
GOP Member wrote on Jun 26, 2009 6:37 PM:
I hope they tear it down and restore the lovely artichoke plants that used to be in that field, at least they had purpose. "
jt wrote on Jun 26, 2009 7:10 PM:
REPUBLICANKID wrote on Jun 26, 2009 9:06 PM:
UpValleyReader wrote on Jun 26, 2009 10:37 PM:
glenroy wrote on Jun 27, 2009 7:52 AM:
I’d have to agree with some the previous posts….this was a misguided long shot than stood little chance of ever breaking even. "
Rob C wrote on Jun 27, 2009 8:27 AM:
If there is to be activism from the bench, this is how it should sound! Love the pointed and very plain language to their counsel. "
Mr. Feasor wrote on Jun 27, 2009 2:02 PM:
Also, Copia Claims appears to have changed attorneys. Quon Bryant is not with McGrane Greenfield (the firm that initially represented Copia Claims, according to the NVR). I wonder what that's all about... "
amelia wrote on Jun 27, 2009 2:13 PM:
I've also been before that judge and in no way does he make up the law as he goes along. If you feel that way, things must not have gone your way. "
manxkat wrote on Jun 27, 2009 8:53 PM:
slloydcanuck wrote on Jun 29, 2009 10:43 AM: