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Envelope Maker's Trustee Can't Pin Downfall On Principals

Law360, New York (July 3, 2013, 8:34 PM EDT) -- A New York judge on Thursday threw out a case brought by the Chapter 7 trustee for NEC Holdings Corp. and a former board member who alleged the self-interest of several principals of the envelope maker led to its demise, finding the business judgment rule precludes the action.

New York Supreme court Judge O. Peter Sherwood ruled that pursuant to the law of Delaware, where NEC was incorporated, the trustee and board member Joan Levy have failed to adequately plead that a majority of the board...
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