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$15 million for real estate,
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$7 million credit bid from its debtor-in-possession lender for equipment,
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$1.5 million bid from LCT Energy for mineral rights, equipment, and potential legal claims against itself.
Corsa had previously accused LCT Energy of misusing confidential data to steal trucking vendors, but after a closer look, attorney Michael Roeschenthaler admitted the case was too costly and uncertain to pursue.
“We would effectively be burning through someone else’s collateral,” he argued.
Unsecured Creditors Cry Foul
The unsecured creditors’ committee pushed back, demanding more transparency over Corsa’s abandoned claims, which had initially been portrayed as potentially worth millions.
However, Judge Deller sided with Corsa, ruling that creditors failed to challenge the company’s rationale or cross-examine witnesses effectively.
“The estates simply don’t have this kind of money,” the judge stated, emphasizing Corsa’s business judgment in dropping the litigation.
