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Unsecured Creditors Get OK To Trade Pliant Securities

Law360 (May 18, 2006, 12:00 AM EDT) -- Members of bankrupt packaging company Pliant Corp.’s unsecured creditors committee have received a U.S. bankruptcy judge’s permission to buy and sell Pliant’s securities, but that permission is contingent on putting a so-called “ethical wall” in place.

An ethical wall involves a series of precautions that committee members must take in order to ensure that insider information doesn’t find its way into the hands of trading personnel.

Securities traders are prohibited from having non-public information by Section 10(b) of the Securities Exchange Act of 1934, and Rule...
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