Judge Finds Pfizer Manipulated Subsidiary's Ch. 11

Law360, New York (September 8, 2010, 5:20 PM EDT) -- A bankruptcy judge has refused to confirm a restructuring plan for Pfizer Inc. asbestos product subsidiary Quigley Co. Inc., finding that the pharmaceutical giant manipulated creditor votes and engineered the case for its own benefit.

Judge Stuart M. Bernstein issued a 90-page opinion Wednesday in the U.S. Bankruptcy Court for the Southern District of New York rejecting Quigley’s fourth amended restructuring plan for bad faith and suggesting the possible dismissal of the case.

The judge further rejected a request to keep certain information regarding Pfizer settlements...
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