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18

Lynn Tilton Loses Bid to Keep Planned Asset Sale on Hold

By Tony Seruga

Tilton contends sale was structured to benefit insurer
Collateral sale to go ahead while Patriarch CEO sues trustee

Patriarch Partners Founder Lynn Tilton can’t block a planned sale of assets in one of her former investment funds, a deal she claims was structured to benefit insurer MBIA Inc.

U.S. District Judge Jed Rakoff on Tuesday denied Tilton’s request to bar the sale of collateral in the Zohar I distressed loan fund pending the outcome of her lawsuit against the trustee of the fund, U.S. Bank NA, and MBIA.

The judge ordered the trustee to issue another notice about the auction on Oct. 24 and to keep the sale open at least until Nov. 23…

Lynn Tilton Loses Bid to Keep Planned Asset Sale on Hold

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