Multiple parties – including Westchester Fire Insurance Company, Omega, Glenview, the “Cobalt Entities,” the Court-appointed lead plaintiff of the Municipal Employees’ Retirement System of Michigan and Vivint Solar – filed with the U.S. Bankruptcy Court separate objections to SunEdison’s Disclosure Statement.
The lead plaintiff asserts, “This Objection is limited to those provisions of the Plan, Disclosure Statement and Solicitation Procedures that affect the rights and interests of Lead Plaintiff and the Securities Class, as plaintiffs in the MERS Securities Litigation and as creditors in these chapter 11 cases. MERS’ claims in the MERS Securities Litigation are solely against third party non-Debtors (as the context requires, the ‘MERS Non-Debtor Claims’ or ‘Non-Debtor Defendants’), including certain former officers of the Debtors, certain past and current directors of the Debtors, certain pre-Petition Date underwriters with respect to the pre-Petition Date securities of the Debtors, and the Debtors’ pre-petition auditor.”
In addition, “The MERS Securities Litigation, which has been put back on a litigation track by Judge Castel following the recent unsuccessful early mediation initiative, is the only hope of recovery by the Lead Plaintiff and the Securities Class on account of the frauds and securities laws violations of the Non-Debtor Defendants.”
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