Shareholders, Tax Man Assail Donnelley Ch. 11 Plan

Law360, New York (December 18, 2009, 6:03 PM EST) -- Both shareholders and the New York State Department of Taxation are objecting to a Chapter 11 bankruptcy plan for directory company R.H. Donnelley Corp., arguing it would unfairly release corporate officers and directors from liability.

In an objection filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, shareholders in a putative class action against officers and directors of the company said portions of the plan could be interpreted as releasing nondebtor defendants from liability for fraudulent or reckless action.

“The law of this...
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