Marble Ridge Vows to Fight On After Texas Judge Dismisses Lawsuit Against Neiman Marcus
Marble Ridge Capital has been locked in a legal battle with Neiman Marcus over the transfer of the e-commerce unit MyTheresa. The dispute, which began in 2019, has seen both parties exchange criticism and legal manoeuvres. The latest development saw a Texas judge dismiss Marble Ridge's lawsuit due to lack of subject matter jurisdiction, but the firm remains undeterred.
The saga began in March 2019 when Marble Ridge sent a letter to Neiman Marcus' board, criticising a proposed financial agreement with creditors. Marble Ridge believes this agreement seeks to pressure creditors to overlook misconduct and self-enrichment. The dispute was initially heard in the Delaware Bankruptcy Court.
In response, Neiman Marcus stood by its prior comments and looks forward to its day in court. However, a Texas judge recently dismissed Marble Ridge's lawsuit, stating that it lacked subject matter jurisdiction. Despite this setback, Marble Ridge plans to continue its fight, arguing that the key issues in the lawsuit remain unaddressed. The firm also intends to engage with other bondholders to voice its concerns and protect its rights.
Meanwhile, MyTheresa, the asset at the heart of the dispute, is now being used as collateral for some of Neiman Marcus' debt. This move has helped to alleviate concerns from majority lenders. Neiman Marcus, for its part, looks forward to working with its debtholders following the ruling.
The ongoing litigation between Marble Ridge Capital and Neiman Marcus continues to unfold, with both parties maintaining their stances. While a Texas judge has dismissed Marble Ridge's lawsuit, the firm remains committed to pursuing its concerns and protecting its rights. The future of MyTheresa and the broader financial agreement between Neiman Marcus and its creditors remains uncertain, with much depending on the outcome of these legal proceedings.
Read also:
- International powers, including France, Germany, and the UK, advocate for the reinstatement of sanctions against Iran.
- Election contenders in Quebec city council elections believe they hold promise for success
- Trump announces Chinese leader's approval for TikTok agreement
- The Amazon's HQ2 Controversy: Was Jeff Bezos's Decision Driven by Envy?
