Judge halts subpoenas in Northwest case |
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Published
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Wed, 14 Feb 2007 18:51
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NEW YORK (AP) - A federal bankruptcy judge on Wednesday quashed subpoenas that Owl Creek, a hedge fund and shareholder of Northwest Airlines, issued to some of the nation's biggest airlines in seeking information about acquisition talks.Judge Allan Gropper said the subpoenas were disruptive to Northwest's case and inappropriate since it would reveal trade secrets of competing companies.Lawyers for Owl Creek issued subpoenas to at least 11 different parties after failing to secure the information directly from Northwest Airlines Inc.In filing its own objection to Owl Creek's information request, Delta Air Lines Inc. disclosed it had considered a 'business combination' with Northwest. Delta, which is also under bankruptcy protection, has not confirmed the two airlines have held discussions.A lawyer for American Airlines Inc. said in court that it has not bid for Northwest. United Airlines parent UAL Corp. and Continental Airlines Inc. were also subpoenaed.Owl Creek had sought information about any merger talks and Northwest's valuation in an attempt to maximize its own recovery. Shareholders typically receive nothing in bankruptcy cases.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Northwest shareholders subpoena airlines 