Gulfstream Trustee Says Execs Shouldn't Get D&O Cash

Law360, New York (February 14, 2012, 1:35 PM EST) -- The liquidating trustee for Gulfstream International Group Inc., the airline bought from bankruptcy by private equity firm Victory Park Capital, objected Monday to a bid by six former executives and directors for $815,000 in insurance money to pay for a securities fraud settlement.

Liquidating trustee Kenneth A. Welt told U.S. Bankruptcy Judge John K. Olson that he has his own claim to the limits of the National Union Fire Insurance Co. of Pittsburgh policy and notes that the fraud settlement would bar his own claims as...
To view the full article, register now.