Creditors of American Spectrum Realty Inc. asked for an operating Chapter 11 trustee, and on April 20 they got one (In re American Spectrum Realty Inc., Bankr. C.D. Cal., 15-10721, motion filed 4/29/15).
The creditors settled with the company and now they want the operating trustee removed immediately in favor of a chief restructuring officer with the powers of a chief executive.
The U.S. Trustee and the Chapter 11 trustee are opposing quick removal of the operating trustee.
The creditors had been engaged with the company in a battle for control in state court. The creditors drew ...
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