Syms Asks Examiner To Probe Management Misconduct

Law360, New York (December 15, 2011, 1:19 PM EST) -- Syms Corp. asked a Delaware bankruptcy judge on Tuesday to tap an examiner to probe allegations of misconduct against management, hoping to head off a turf battle between shareholders and creditors of its insolvent subsidiary Filene's Basement LLC.

The potential claims — made by the chair of the equity committee in the case, Esopus Creek Value Series Fund LP — relate to the discount clothing retailer's infusion of $39 million to prop up Filene's since acquiring the rival out of bankruptcy in 2009, along with certain...
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