Loral CEO Hid Ch. 11 Prep, Investors Tell 2nd Circ.

Law360, New York (March 16, 2011, 2:33 PM EDT) -- A class of shareholders told the Second Circuit on Wednesday that the former CEO of Loral Space & Communications Ltd. knowingly hid the troubled company's bankruptcy preparations from the public to save his own neck.

"It's not as if the electricity was going to be turned off — he pulled the plug," Joseph H. Weiss of Weiss & Lurie, who represents the investors, told a three-judge panel of the U.S. Court of Appeals for the Second Circuit.

Former Loral CEO Bernard L. Schwartz allegedly made a...
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Case Information

Case Title

Beleson, et al v. Schwartz


Case Number

1:03-cv-06051

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Victor Marrero

Date Filed

August 11, 2003

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Companies

UK Financial Services

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