Summary
At issue are the fiduciary obligations of directors and controlling shareholders, breach of contract, negligence, gross negligence and bad faith.
See Also
Trustee Charges Directors, Financial Advisors, Others in Failed LBO
In this action, the Chapter 7 bankruptcy trustee brings the complaint against "65 defendants and the entire class of selling stockholders, virtually anyone who had anything to do with the LBO … defendants are the buyer, financing banks, debenture holders, directors, officers, controlling shareholders, financial advisors, lawyers and accountants."