MCM Obtains Defense Verdict in Substantial Director and Officer Liability
Case
April 4, 2005

On April 4, 2005, the United States Bankruptcy Court in Portland, Maine entered its findings of fact and conclusions of law in a multi-million dollar director and officer liability suit brought by the trustee in bankruptcy of Maine Poly, Inc. against MCM clients, former directors and officers of the bankrupt company. The court held that the former directors and officers had no liability to the trustee. The case presented interesting questions of director liability in the context of several transactions between the now bankrupt company and the directors and affiliates of the directors, as well as interesting questions about the applicability of statutory "safe harbors" for interested director transactions.


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