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: Legal Pad | LA

Bergstein strikes back at creditors in court

By Richard Binder

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Pangea Media Group CEO David Bergstein and his allies are not only contesting the facts presented by creditors who brought an involuntary bankruptcy action against him in federal court, but they are demanding that Aramid Capital Partners, which has been a leader among the creditors, put up a $25 million bond so that Bergstein's companies can collect damages should he prevail in court.

Aramid, according to Bergstein's personal declaration,  is an offshore company with no real assets in the U.S., so if it loses and has to pay costs, it would be impossible to collect. Bergstein also claims that Aramid chairman David Molner brought the action because he was angry when Bergstein would not help modify his loans.

Molner said that Bergstein's motions are "an attempt to overwhelm the legal process, provoke required legal responses, drive up bills and eat up time."

Full story at Hollywood Reporter.

Full post as published by Legal Pad | LA on July 01, 2010 (boomark / email).

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