Creditors Seek Block On Lyondell Exec Payouts

Law360, New York (July 20, 2009, 1:20 PM EDT) -- Creditors of Lyondell Chemical Co. are seeking to block payments to five managers under a senior employee retention plan, saying the managers violated their fiduciary duties to Lyondell by advancing the merger that led to the company's bankruptcy filing.

In a motion filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, the official committee of unsecured creditors for Lyondell said that under a management incentive plan, the five individual managers — Alan S. Bigman, Edward J. Dineen, C. Bart de Jong,...
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