The founder of military body armor supplier Point Blank Solutions Inc. was sentenced to 17 years in prison for siphoning millions of dollars from the company and selling stock based on inside information.
Newark Group Inc., a Cranford, New Jersey-based manufacturer of paper and paper products, began a prepackaged Chapter 11 reorganization yesterday it hopes the bankruptcy judge in Newark, New Jersey, will bring to conclusion at a July 27 confirmation hearing.
Point Blank Solutions Inc., a maker of body armor for the U.S. military and law enforcement, won court approval to sell almost all its assets to an affiliate of Sun Capital Partners Inc. for about $36.6 million.
Point Blank Solutions Inc. ’s acting chief executive officer, James Henderson , was sued by the former CEO’s brother, an investor in the bankrupt military contractor who claims Henderson failed to conduct proper audits.
Lehman Brothers Holdings Inc. announced the first step late yesterday in the last round of a process to enable the sale of its non-bankrupt Aurora Bank FSB, the thrift unit formerly known as Lehman Brothers Bank FSB.
Most if not all of the Washington Mutual Inc. examiner’s report should be filed publicly on Nov. 1, as the result of procedures laid down by the bankruptcy judge for resolving confidentiality disputes.
Ernst & Young LLP, in its role as former auditors for Lehman Brothers Holdings Inc. , was sued for civil fraud yesterday by New York Attorney General Andrew Cuomo, who becomes the state’s governor Jan. 1.
Even though the examiner for Washington Mutual Inc. won’t issue his report until Nov. 1, U.S. Bankruptcy Judge Mary F. Walrath ruled at a hearing yesterday that she will approve the disclosure statement explaining the Chapter 11 plan after final changes are made.