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Bridgeport Execs Slacked Off During Slump, Suit Says

Law360 (December 12, 2007, 12:00 AM EST) -- The liquidating trust for Bridgeport Holdings Inc. has flung a lawsuit at the defunct company's directors, alleging that they slacked off when a subsidiary began declining and agreed to a rushed, underpriced sale that led to bankruptcy.

Instead of stepping up and negotiating for the best deal that could benefit Bridgeport's shareholders and creditors, the nine directors and officers named in the complaint breached their fiduciary duty to the company, the trust said in its suit, filed on Tuesday in the U.S. Bankruptcy Court of Delaware....
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