TMST Ch. 11 Trustee Inks $6.5M Deal With Ex-Execs

Law360, Wilmington (February 13, 2012, 9:46 PM EST) -- The Chapter 11 trustee for TMST Inc. minted a $6.5 million settlement Monday resolving a lawsuit that alleged the bankrupt real estate investment trust’s former brass and their counsel Orrick Herrington & Sutcliffe LLP conspired to loot the company on the eve of bankruptcy.

In a motion to approve the settlement filed in Maryland bankruptcy court, trustee Joel Sher said the deal resolved all claims and counterclaims in the suit, including those against former TMST CEO Larry Goldstone and Chairman Garrett Thornburg, for a lump sum...
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