Trustee Slams Empire Land Execs' Bid To Tap D&O

Law360, New York (August 19, 2010, 6:23 PM EDT) -- The trustee overseeing Empire Land LLC's Chapter 7 case has blasted a bid by the bankrupt company's former CEO James Previti and nearly two dozen other managers to gain access to up to $10 million in directors and officers coverage to defend themselves against adversary proceedings.

Lawyers for Chapter 7 Trustee Richard K. Diamond filed an objection to the proposal Thursday in the U.S. Bankruptcy Court for the Central District of California, saying Previti “is a multimillionaire who can well afford to pay his own attorneys'...
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