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Comcar Deal With Former CEO Compared to ‘Tom Sawyer’s Swindle’

June 17, 2020, 8:42 PM

A proposed transaction between bankrupt Comcar Industries Inc. and former CEO Mark Bostick that includes the release of legal claims is “reminiscent of Tom Sawyer’s swindle of neighborhood children,” the trucking company’s unsecured creditors say.

The U.S. Bankruptcy Court for the District of Delaware should reject Comcar’s proposed bid to sell its bulk carrier business to Bostick in a deal that “may offer no real benefit and in fact could be very costly,” a committee of unsecured creditors in Comcar’s Chapter 11 case said in a filing Tuesday.

The committee’s objection focuses on a May 22 request by Comcar to ...