Revco battle revs up for court hearing; combat reaches fever pitch over who will control the company

Article Abstract:

The bankruptcy case of drugstore chain Revco D.S. Inc is being conducted in an extremely acrimonious fashion as creditors of the company battle hostile takeover bidders for control of the company's assets. The hearing to confirm Revco's bankruptcy plan will be held with secret ballot to diminish the 'duress' that suitors Rite Aid Corp and Jack Eckerd Corp place on trade creditors. It appears likely that Judge Harold F. White will have to choose the winning plan, which would then be implemented without the assent of creditors.

Drug stores and proprietary stores, Optical goods stores, Cases, Mergers, acquisitions and divestments, Finance, Drugstores, Bankruptcy, CVS Revco D.S. Inc., Right Aid Corp., Jack Eckerd Corp.

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Law puts FDIC's claims in peril; a little-noticed provision allows insurers to avoid payouts

Article Abstract:

A loophole in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) allows insurers to avoid covering bank and thrift officials against federal claims in bank failures. The Federal Deposit Insurance Corp estimates that nearly $800 billion in claims against bank directors and officers may be uncollectable. Prior to the passage of the provision, FIRREA Sec 212, courts ruled in favor of the government despite insurance industry contract language exempting bank officers and directors from coverage.

Interpretation and construction, Powers and duties, Insurance policies, Directors' and officers' liability insurance, United States. Federal Deposit Insurance Corp., Savings and Loan Associations Bailout Crisis, 1987-

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SEC tries to halt erosion of rule; insider trading limited

Article Abstract:

The SEC will soon ask a Los Angeles federal court to vacate SEC v Trikilis because it eviscerates Rule 14e-3, the insider trading enforcement tool. Rule 14e-3 states that those who trade on information of an imminent tender offer that they suspect came from an inside source are guilty of insider trading. SEC v Chestman stated that the insider information did not need to be about a tender offer, but the Trikilis case reinstated the tender offer requirement. The SEC is now trying to reverse that situation.

Insider trading in securities, Insider trading (Securities), United States. Securities and Exchange Commission

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