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On February 10th, electricity operator LSP Energy LP ("LSP") filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. As stated in court filings, LSP owns and operates an electricity plant located in Batesville, Mississippi. Aside from its gas-fired electric generation facility, LSP's assets consist primarily of 58 acres of land in which it operates its facility. See Declaration of LSP's President in Support of First Day Motions (the "Declaration" or "Decl.").
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Earlier this month, the Liquidating Trust in the Advanta Corp. bankruptcy proceeding began filing preference complaints in the Delaware Bankruptcy Court. Advanta and certain affiliates ("Advanta") filed for bankruptcy in Delaware in November of 2009. As stated in the Liquidating Trust's complaints, Advanta was at one time one of the largest issuers of "business purpose credit cards" in the United States.
Background
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