Verizon Exec Defends Idearc Spinoff In US Bank Trial

Law360, Dallas (October 16, 2012, 8:30 PM EDT) -- A Verizon Communications Inc. executive on Tuesday said in Texas federal court that the company’s $9.9 billion spinoff of its Yellow Pages division wasn’t a scheme orchestrated to sink the spunoff company with debt, as trial continued in U.S. Bank NA’s challenge of the 2006 deal.

U.S. Bank on Tuesday said Verizon’s executives hobbled the spinoff company Idearc Inc. with incompetent leadership and covered up the Yellow Pages division’s declining revenues to dupe ratings agencies and lenders into supporting the deal, knowing the new company couldn't...
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