Embattled Philadelphia firm Sacks Weston was granted a brief reprieve in its fight with litigation funder Virage Capital at a hearing Wednesday, with U.S. Bankruptcy Judge Patricia Mayer of the Eastern District of Pennsylvania allowing the firm to continue using its operating funds until the next hearing at the end of October.
Mayer agreed with the firm that it could continue to use the approximately $98,000 left in its operating and payroll accounts, finding that the firm’s secured creditors were “adequately protected given the post petition liens on the [firm’s ongoing] cases” despite an objection lodged by Virage, a Texas-based funder currently in a legal dispute with the firm over $14 million owed on a loan.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
