A company that bought gas storage facilities from an Arcapita Bank subsidiary is bashing the bank's wind-down plan, saying that the subsidiary, Falcon Gas Storage Co., should be placed in the hands of an independent trustee, Reuters reported yesterday. In court papers filed on Monday in Arcapita's chapter 11 case, Tide Natural Gas Storage objected to the bank's plan to liquidate its assets and pay back creditors, saying that the plan would do little to satisfy Falcon's creditors. Tide in 2010 agreed to buy two gas storage facilities from Falcon for $515 million, $70 million of which remains in escrow. The deal has led to ongoing litigation, with Tide claiming that Falcon and Arcapita misrepresented financial information.
