Solyndra Needs Trustee To Oversee Bankruptcy: DOJ

Law360, New York (September 30, 2011, 8:38 PM EDT) -- The U.S. Department of Justice asked a Delaware bankruptcy judge Friday to appoint a trustee to embattled solar panel maker Solyndra LLC, saying executives had failed to disclose important financial information and were distracted by the various investigations facing the company.

The DOJ does not allege any wrongdoing by Solyndra's executives, but says their decision to invoke their Fifth Amendment rights as a reason not to report the reasons for the company's bankruptcy makes it necessary for a trustee to take control.

In the alternative, the...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.