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Solus Statement On Preliminary Injunction Ruling

Solus Alternative Asset Management issued the following statement in response to yesterday's ruling by U.S. District Judge Laura Taylor Swain in its lawsuit against GSO Capital Partners L.P., Hovnanian Enterprises, Inc., K. Hovnanian Enterprises, Inc., K Hovnanian at Sunrise Trail III, LLC, Ara K. Hovnanian, and J. Larry Sorsby. "Although Solus did not obtain a preliminary injunction to halt Hovnanian's exchange transaction, Judge Swain's decision in no way condones the underlying conduct of the Defendants.  As this motion was simply the first of many steps in the process of adjudicating this fraudulent scheme, Solus is pleased that the Court's opinion confirmed the true nature and...