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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