Bear Stearns, Others Sued Over Inside Protocol Deal

Law360, New York (April 14, 2011, 9:09 PM EDT) -- Stakeholders of Protocol Communications Inc. filed a derivative suit Thursday in New York alleging company directors orchestrated an inside deal with Bear Stearns & Co. Inc. and Bayside Capital LLC to sell the company at a depressed value and violated loan agreements.

The owners of Protocol common stock and debt — OFSI Fund II LLC, Orchard First Source Asset Management LLC and Orchard First Source Capital Inc. — accused the defendants of selling Protocol in a rigged process to Bayside for a bargain, according to a...
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