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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 | Buy photos
Judge shows little patience with third-party objector
Saturday, June 27, 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.”
12 comment(s)

suze wrote on Jun 26, 2009 5:31 PM:

" Yet more ugly financial shinannigins by those who think they can make a quick buck. Yuck! "

winefreak wrote on Jun 26, 2009 5:36 PM:

" I'm curious to see what this "plan" is.

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:

" With all due respect to R. Mondavi and the other poor misguided investors Copia was a mistake.
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:

" wonder if there was actually a buyer who received $4k cash for that bond, and how many coupons that individual invested in. if it was only one he is probably a happy camper... but i'd advise him by saying that "the winner of the rat race is still a rat," even though he got all his money back. "

REPUBLICANKID wrote on Jun 26, 2009 9:06 PM:

" Shame on the judge. Crediters have the right to object "

UpValleyReader wrote on Jun 26, 2009 10:37 PM:

" Creditors or the folks who prey on stressed creditors and buy the loans at pennies on the dollar? "

glenroy wrote on Jun 27, 2009 7:52 AM:

" I’ve been before that judge as a creditor….unfortunately he’s one of the those judges who makes the law up as he goes.

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:

" Kudos to the judge for shooing away the vultures. Vexatious litigation from the likes of the highly dubious Copia Claims only serves to delay resolution. Buying a smattering of debt in the twelfth hour does not entitle equal standing in the proceeding.

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:

" I wish there were more judges like this out there. It's been three months now, and this Copia Claims deal still smells funny.

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:

" Glenroy:

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:

" Does this judge have patience with people like Joe Fischer who was the CFO, now the CEO of this bankrupt entity? Maybe the judge should ask Mr. Fischer how he let this tragedy happen while he was getting paid big bucks. "

slloydcanuck wrote on Jun 29, 2009 10:43 AM:

" Nice going Judge Jaroslovsky! Copia Claims is just in it for a buck and not for the good of the creditors! Well done. "

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