Ex-Cynergy CEO Seeks $60M In Defense Costs

Law360, New York (December 15, 2010, 6:38 PM EST) -- The co-founder and former CEO of Cynergy Data LLC is challenging the defunct credit card processor's blueprint for reorganization, arguing it doesn't account for more than $60 million he says he is owed in indemnification costs for bankruptcy-related litigation.

Marcelo Paladini, who resigned from Cynergy in November 2009, said in an objection filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware that the company's reorganization plan “impermissibly” seeks to terminate the indemnification obligations owed by the debtors.

“The 'disallowance' of such rights is...
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