Contractor, Noteholder Lay Down Swords In Takeover War

Law360, Chicago (May 9, 2012, 8:49 PM EDT) -- Defense contractor Shield Technologies Corp. reached a truce with one of its own noteholders Wednesday, settling its claims in Illinois that the investor's attempt to receive common shares of Shield instead of repayment, allegedly to take over the company, may have breached securities laws.

Shield, which manufactures anti-corrosion protective covers, had alleged nonoperating investment company Shield Acquisition Group LLC was trying to take control of Shield and fire the retired U.S. Navy officer who maintained the company's sales contracts, actions the plaintiff said were "certain to...
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