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Arcapita Fights $70 Million Claim as Plan Confirmation Nears

Arcapita Bank said an energy company's fraud claim stemming from Arcapita's sale of Texas natural-gas assets should be pushed behind the claims of other creditors.In a filing last week with the U.S. Bankruptcy Court in Manhattan, Arcapita took on Tide Natural Gas Storage LP's contention that Arcapita's bankruptcy plan shouldn't be approved by a judge because of $70 million it says it is owed.The $70 million lies in an escrow account and stems from Tide's 2010 purchase of natural-gas storage facilities from an Arcapita subsidiary. Tide has been fighting for the money in U.S. district court in Manhattan for two years, saying Arcapita overstated the amount of gas at the plants and gave inaccurate information regarding operating expenses. Arcapita's bankruptcy filing temporarily halted that suit, but Tide continues to fight the company in bankruptcy court, saying its claim to the $70 million shouldn't be placed behind the claims of other creditors.In its filing made last week, Arcapita say...

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