Winston Strawn objects to JP Morgan Chase's request for more information on Solutia

By Jeff Pines

Washington, Aug. 4 - A law firm representing Solutia Inc. objected to JP Morgan Chase Bank's request to the bankruptcy court asking for greater powers to investigate the law firm and Solutia's other advisers.

The Winston Strawn LLP law firm filed its objection with the U.S. Bankruptcy Court for the Southern District of New York on Tuesday.

The firm said it has already provided numerous documents to Gibson Dunn & Crutcher, which is also representing the St. Louis-based chemical company, which JP Morgan Chase can review. JP Morgan Chase is the trustee for Solutia's $150 million in 6.72% notes due Oct. 15, 2037 and $300 million of 7.375% notes due Oct. 15, 2027.

Giving JP Morgan Chase more authority to investigate is "unnecessary and duplicative," the firm said.

JP Morgan Chase obtained a court order on March 5 to investigate Solutia's records, but the bank believes the company has not been as forthcoming as it should be.

Rothschild Inc., its law firm Debevoise & Plimpton, and Kroll Cooper Zolfo filed separate objections.

Solutia filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

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