Calling the confirmation plan submitted by Payless a sham that would deprive unsecured creditors of potentially valuable claims relating to $350 million in dividends paid out to the private equity firms that owned the company, Payless’ unsecured creditor lawyers filed a strongly-worded objection to the plan proffered by Payless and asked the court to include a letter they have written to their clients in materials that are sent to creditors for confirmation. The two sides are far apart in their positions, with the unsecured creditors seeing a $350 million windfall that would mean a substantial payout to unsecured creditors and ... Log in to view full article.