Objector Loses Bid To Contest Value Of Water Rights In Utility Bankruptcy
Mealey's (June 17, 2015, 12:58 PM EDT) -- ALBUQUERQUE, N.M. — A New Mexico bankruptcy judge on Feb. 5 denied a request by objectors to retain the proceeds from the sale of a utility company because a state receiver allegedly undervalued the water rights belonging to a bankrupt company (In Re: Picacho Hills Utility Company, Inc., No. 13-10742, D. N.M. Bkcy.; 2015 Bankr. LEXIS 371).
(Opinion available. Document #95-150212-010Z.)
In 2013, the Picacho Hills Utility Co. Inc. filed for protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the...