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U.S. trustee opposes trustee for Oglebay Norton
By Jeff Pines
Washington, Nov. 3 - The burden of proof for a trustee to be appointed for Oglebay Norton Co. has not been met, the U.S. trustee said.
In a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware, the U.S. trustee's office objected to Nufleet LLC's Oct. 26 request that the court appoint a trustee. It has also asked the court to convert the Chapter 11 reorganization into a Chapter 7 liquidation.
In its request, Nufleet did not allege fraud, gross mismanagement, dishonesty or incompetence at Oglebay Norton, which is why the U.S. trustee's office is opposing the request.
Nufleet also never objected to extending the Cleveland-based minerals company's exclusive periods.
In addition, Nufleet failed to show how a trustee would be in the interests of the company, the creditors or the shareholders, the U.S. trustee said.
A Nov. 15 hearing is scheduled.
Oglebay Norton filed for bankruptcy on Feb. 23, 2004. Its Chapter 11 case number is 04-10558.
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