Thursday, June 25, 2009
Star-Bulletin reports on new move in Superferry creditor dance
by Larry Geller
The creditors said the Superferry's abandonment motion is particularly troubling because it was filed less than a week after the company filed a motion seeking to initiate the transfer of $7.5 million held in escrow to Guggenheim Corporate Funding LLC, one of the Superferry's creditors. The committee is objecting to the release of those funds because it says Guggenheim has no security interest in the $7.5 million and the escrow conditions governing the release of that money have not been and can never be satisfied.
A quick Google search at 3:30 a.m. did not reveal who Guggenheim Corporate Funding is, so I’ll have to check further after morning coffee. There were a lot of hits related to bankruptcy proceedings and one as a “stalking horse bidder” which is intriguing enough to look up on its own.
There may be nothing in it, but why would HSF try to move Guggenheim ahead of other creditors? Just a question mark for the moment.
I was wondering about the same thing, but did not look for the answer yet. Will wait to see if you find it.
"Guggenheim Corporate Funding, LLC offers credit facilities and loans to support the acquisitions and other activities for companies. The company is based in New York, New York." They are registered in Delaware, not New York, and there are a trillion Google hits, obscuring anything about the company. It seems they provide "credit facilities" to half the known universe. They do not have an SEC listing that I can find. They've been around at least since 2003. There are a couple of companies at the same address in NYC with the name "Guggenheim" in them.
Obviously, I don't move in the right circles, or I would know who they are.