Syms Examiner Report A Boondoggle, Shareholders Say

Law360, New York (April 26, 2012, 4:40 PM EDT) -- Syms Corp. shareholders on Wednesday blasted the defunct retailer’s proposal to have an examiner probe alleged misconduct by top management, claiming the eventual report would cost thousands of dollars that could go to shareholders.

An official committee of Syms Corp. equity holders lodged an objection in Delaware bankruptcy court to Syms’ request in December to allow an independent party to weigh potential claims for breach of fiduciary duty and mismanagement against the clothing retailer’s directors and officers.

The potential claims against management — first broached by...
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