Charter seeks dismissal of JPMorgan lawsuit
Charter Communications, the nation’s fourth-largest cable operator, will file a motion that is aimed at dismissing a lawsuit filed by JPMorgan Chase & Co.
JPMorgan is representing some lenders in Charter’s March 27 bankruptcy filing. On the same day, JPMorgan questioned Charter’s plan to “reinstate,” or keep the existing terms, on its $11.8 billion of debt, according to Bloomberg.
JPMorgan’s beef is that the plan filed by Charter favors founder and Chairman Paul Allen over the parties that lent Charter $8.5 billion in 1999 in a deal put together by JP Morgan.
Lawyers for Charter said in a pretrial conference yesterday in U.S. Bankruptcy Court for the Southern District of New York that they plan to file a motion to dismiss the lawsuit.
U.S bankruptcy judge James Peck set July 23 as the possible start date for a three-day trail. Peck will hear arguments on Charter’s motion to dismiss the lawsuit on April 29.