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IN RE ZOHAR III, CORP.

Case No. 18-10512 (KBO)(Jointly Administered) Adv. Proc. No. 20-50534 (KBO).

631 B.R. 133 (2021)

IN RE: ZOHAR III, CORP., et al., Debtors. Zohar CDO 2003-1, Limited; Zohar II 2005-1, Limited; and Zohar III, Limited, Plaintiffs, v. Patriarch Partners, LLC; Patriarch Partners VIII, LLC; Patriarch Partners XIV, LLC; Patriarch Partners XV, LLC; Phoenix VIII, LLC; Octaluna LLC; Octaluna II LLC; Octaluna III, LLC; Ark II Clo 2001-1, LLC; Ark Investment Partners II, LP; Ark Angels VII, LLC; Patriarch Partners Management Group, LLC; Patriarch Partners Agency Services, LLC; and Lynn Tilton, Defendants.

United States Bankruptcy Court, D. Delaware.

Signed June 18, 2021.

Attorney(s) appearing for the Case

Ryan M. Bartley, Shane M. Reil, Michael R. Nestor, Joseph M. Barry, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE, for Plaintiff.

G. David Dean, Norman L. Pernick, Patrick J. Reilley, Cole Schotz P.C., Wilmington, DE, Alexandra G. Elenowitz-Hess, Jennifer X. Luo, Vikram Shah, Michael Tremonte, Theresa Trzaskoma, Sher Tremonte LLP, New York, NY, for Defendant.

MEMORANDUM OPINION

TABLE OF CONTENTS

I. SUMMARY OF THE ALLEGED FACTS...150

A. The Parties...150

B. Tilton's Alleged Misuse of the Funds and Portfolio Companies...152

1. Overcollateralization Test...

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