April 4, 2018 / 9:58 PM / 8 months ago

Lynn Tilton faces showdown over control of Zohar bankruptcy

A trustee is needed to replace flamboyant investor Lynn Tilton as the sole director of loan funds which she put into bankruptcy last month, according to court papers filed by the U.S. government’s bankruptcy watchdog.

The so-called Zohar funds are embroiled in litigation with MBIA Inc, which insured notes the funds issued that are now in default. Those notes were issued to raise money that was loaned to portfolio companies of Tilton’s investment firm, Patriarch Partners.

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