Laser Co. Plans To Use Litigation Profits To Pay Creditors

Law360, New York (June 18, 2013, 7:22 PM ET) -- Laser manufacturer Deep Photonics Corp. on Monday submitted its Chapter 11 reorganization plan, which relies on the proceeds of pending litigation in Oregon against its former CEO as well as future company profits to repay its general unsecured creditors in full.

The company owes about $3.2 million to its unsecured creditors, about $1.9 million of which is held by the defendants in the state litigation against former CEO Joseph G. LaChapelle, other former employees, a competitor and a former customer. That lawsuit seeks $75 million in...
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