Judge Delays Approval Of SEC Deal With Body Armor Co.

Law360, New York (March 10, 2011, 9:06 PM EST) -- A bankruptcy judge on Thursday held off on approving a settlement between the U.S. Securities and Exchange Commission and Point Blank Solutions Inc. over a shareholder's concern that the deal might affect forfeiture recoveries from the body-armor maker’s former management.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Peter J. Walsh indicated that he was prepared to approve the settlement of accounting fraud violations against Point Blank, but wanted certainty that its deregistration as a public company — an indirect...
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