Empire Land Trustee OKs Use Of D&O Policy

Law360, New York (November 23, 2010, 7:46 PM EST) -- The judge overseeing Empire Land LLC's bankruptcy proceedings has approved a deal under which the land developer's Chapter 7 trustee agreed to allow the company's former CEO and others to tap into the proceeds from a directors and officers liability policy to cover defense costs.

Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California signed off on an order Monday approving the stipulation trustee Richard Diamond agreed to with ex-Empire Land executive James Previti and several other parties.

The "Previti...
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