Gulfstream Execs To Pay Trustee $1.9M To Settle Lawsuits

Law360, New York (December 9, 2013, 7:05 PM EST) -- Former executives of bankrupt airline Gulfstream International on Friday entered a proposed settlement with the liquidating trustee to receive a $1.9 million payment on their D&O insurance policy and submit it to the trustee’s fund to avoid prolonged litigation alleging they breached their duty to the company.

The plan calls for six Gulfstream International executives — Thomas McFall, Robert Brown, Gary Arnold, Gary Fishman, Richard Schreiber and Barry Lutin — to cause their D&O liability insurer to pay $1.9 million to liquidating trustee Kenneth A. Welt...
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