Gov't, Ex-Duane Reade Execs Spar Over Loss Figure

Law360, New York (November 15, 2010, 6:23 PM EST) -- Prosecutors argued on Monday for the use of an alleged $22.7 million loss as a gauge in sentencing two former Duane Reade Inc. executives for crimes associated with inflating earnings, saying that a private equity firm overpaid by that much for the company in 2004.

Assistant U.S. Attorney Jonathan Streeter told Judge Deborah A. Batts in the U.S. District Court for the Southern District of New York that Oak Hill Capital Partners LP used past earning figures as a guide in its acquisition negotiations, relying on...
To view the full article, register now.