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Mergers & Acquisitions

May 14, 2009

CEO Files for Bankruptcy a Day After Jury Awards $300 Million Against Him

One day after a jury returned a $300 million damages award against him, the defendant in a high-stakes corporate merger fraud case filed a petition for bankruptcy in Tennessee.

By Gabe Friedman
Daily Journal Staff Writer

LOS ANGELES - One day after a jury returned a $300 million damages award against him, the defendant in a high-stakes corporate merger fraud case filed a petition for bankruptcy in Tennessee.

The jury was to begin deliberating punitive damages on Thursday. The petition filed late Monday imposes an automatic stay of proceedings in Los Angeles County Superior Court, effectively delaying the punitive damages...

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