Committee Tries To Stick Fork In Oneida Settlement

Law360, New York (June 23, 2006, 12:00 AM EDT) -- The equity committee of bankrupt flatware maker Oneida Ltd. is fighting the company’s proposed $50 million settlement with the Pension Benefit Guaranty Corp., saying the amount should be cut by about half.

In a court filing in the U.S. District Court of the District of Southern New York, attorneys allege the agreement is “a thinly veiled attempt to prevent holders of Oneida stocks from receiving their rightful distribution of the Chapter 11 estates.”

Originally, the proposed settlement agreement in the reorganization proceedings of Oneida was set...
To view the full article, register now.