Ex-Orleans Exec Settles Ch. 11 Scrap Over Salary

Law360, New York (May 3, 2011, 7:13 PM EDT) -- Reorganized real estate developer Orleans Homebuilders Inc. and its former chief financial officer reached a settlement Monday in a dispute in Delaware bankruptcy court over roughly $1.3 million in compensation the executive sought from the company.

Under the agreement, Garry P. Herdler will receive $131,000 in post-petition salary and a portion of $575,000 in allowed general unsecured claims. The former CFO initially sought more than $1 million under his employment contract and approximately $300,000 in administrative and unsecured claims from Orleans, which exited Chapter 11 in...
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