Bankruptcy case involving ex Charlotte mayor, general ends. Here’s the deal they made.
The agreement settles four lawsuits brought by trustee
As part of the global settlement first disclosed last month, the defendants in the suits will pay
At a hearing Tuesday, attorney
The settlement is expected to provide unsecured creditors with a payment of 7 to
In approving the settlement, Judge
"It's been a long road," Whitley said. "I'm glad you are at the end."
A group led by Glosson and his son, Brad, bought DesignLine in 2006 and moved it to
Starting in 2013, the Observer began reporting on losses sustained by
As part of
-- A lawsuit alleging
-- A complaint against former leaders of DesignLine, including Buster and
-- A suit against six former DesignLine directors, including former Gov.
-- A suit alleging two other directors breached their duties.
The defendants had denied the allegations and sought to have the suits against them dismissed. The agreement says the defendants "deny all liability and allegations of wrongdoing" and that the pact was agreed to "only for the purpose of avoiding the burdens, inconveniences and expenses of further disputes and litigation."
Of the
After years of litigation, Barrie noted that the settlement approval only took 27 minutes, and Whitley expressed surprise when the assembled legal teams had no further remarks.
"It's the first time in this case," he said, "where the group has been speechless."
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