Sino-Forest Files Bankruptcy, $4B Suit For Ponzi Report

Law360, New York (March 30, 2012, 6:26 PM ET) -- Scandal-plagued Sino-Forest Corp. on Friday filed for bankruptcy protection, announced a potential sale and launched a $4 billion defamation suit against an analyst that set off a firestorm in June by claiming the timber company was a Ponzi scheme.

The Chinese-Canadian plantation owner said it had filed for court protection in Ontario under the Companies' Creditors Arrangement Act to fend off creditors claims as it searches for a third-party buyer. Failing that, Sino-Forest said it would restructure by handing off all of its assets to noteholders....
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