Tilton, Patriarch Place Zohar-I Fund In Bankruptcy, Fight "Scheme"

Lynn Tilton fought the law, and the law appears to be winning. Tilton’s Patriarch Partners XV LLC filed for  involuntary Chapter 11 bankruptcy petitions Sunday against Zohar CBO 2003-1 Ltd, commonly referred to as Zohar-I, one of several investment vehicle the maverick Wall Street fund manager created to invest in distressed companies. Bankruptcy protection will provide Tilton influence in restructuring Tilton, who has described her battles with regulators over fraud charges as one of “good versus evil,” is engaged in another such battle, she says. This time Tilton is tangling with MBIA Insurance Corp. The outspoken fund manager claims is…