Powerwave Trustees Strike $5.5M Settlement With Ex-Brass

By Jacob Fischler (July 16, 2015, 7:45 PM EDT) -- The Chapter 7 trustee for defunct wireless company Powerwave Technologies Inc. on Thursday asked a Delaware federal bankruptcy judge to approve a $5.5 million settlement with a group of adversary defendants, including former company executives, ending a $13 million clawback suit and other claims.

Trustee Charles A. Stanziale Jr. told the court that the Powerwave estate had settled with ex-CEO Ronald J. Buschur and former Chief Financial Officer Kevin T. Michaels, among others. Other parties to the complex proceeding have until Aug. 5 to object to the agreement, with a hearing set for the following week.

The settlement was prudent, Stanziale...

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