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This site was created by John De Groote Services, LLC to provide information on the Complaint and resulting litigation against Bearing Point, Inc.'s former Chief Executive Officer and certain members of its Board of Directors. Munson in Contempt, and (C) Imposing Sanctions for Willful Violation of Confirmation Injunction that remain pending in that same Court. Three former directors of Bearing Point have agreed to dismiss a lawsuit they recently filed in Virginia against John De Groote, and De Groote has agreed to dismiss his request to the New York Bankruptcy Court to hold the three former directors in contempt and impose sanctions for violating a court order by filing the lawsuit against him in Virginia.The case has been settled, has been funded, and has been formally dismissed by the Circuit Court for the County of Fairfax, Virginia. was one of the largest professional and IT consulting firms in the world, with an aggregate value of as much as $2.3 billion. Mc Geary, and Edward Munson to dismiss the Adversary Proceeding against John De Groote in the United States Bankruptcy Court for the Southern District of New York, while John De Groote similarly filed a Notice withdrawing those portions of his Motion for an Order (A) Enforcing Confirmation Order, (B) Holding F. Order to Approve Settlement Entered Today the United States Bankruptcy Court for the Southern District of New York granted the Motion for Entry of an Order Approving Settlement, filed on March 21, 2013, entering an Order approving the proposed settlement. On February 8, 2013, the Defendants filed a Motion for Summary Judgment along with Briefs in Support of the Motion.
The Complaint filed in this dispute seeks redress for the alleged breaches of fiduciary duty that caused this loss to the Company’s shareholders and creditors, and alleges specific instances where Bearing Point’s directors failed to develop, manage and oversee the Company’s sales process, instead allowing it to be dominated by a self-interested Chief Executive Officer who had a personal interest in ignoring significant segments of the marketplace in order to maintain his management position, vest certain equity interests, and obtain new equity holdings in the purchasing entity. Motion to Approve Settlement Filed Today John De Groote Services, LLC filed with the United States Bankruptcy Court for the Southern District of New York a Motion for Entry of an Order Approving Settlement Between the Liquidating Trust and F. The Brief in Support of the Director Defendants’ Motion is available here, as well as an Index of associated shared Exhibits. A pre-trial conference is scheduled for Thursday, February 14, 2013, during which time the Hearing on the Motion for Summary Judgment will be scheduled. Munson in Contempt, and (C) Imposing Sanctions for Willful Violation of Confirmation Injunction (see prior update) took place on January 31, 2013, and a transcript of the hearing can be found here.
The Complaint further alleges that the failures of the directors were avoidable, and directly resulted in the decline of the Company’s value and inability to obtain the best price available for its assets, which the directors could have achieved by either selling the Company as a whole for a price in the approximate range of billion to .4 billion or by selling the Company’s businesses for an aggregate price of .56 to .3 billion. The hearing before the United States Bankruptcy Court for the Southern District of New York on the Motion for an Order (A) Enforcing Confirmation Order, (B) Holding F. On February 7, 2013, the Court entered an Order finding that: 1. The Court further ordered that: A) The Former Directors are enjoined from prosecuting or continuing the claims brought in the New Virginia Lawsuit in any forum other than that of the Honorable Robert E.
The Complaint further alleges that, instead, the directors’ failures led to Bearing Point’s bankruptcy and liquidation of its business units and other assets, yielding net proceeds of approximately 0 million and resulting in losses of 7 million to .88 billion. The Confirmation Order is binding on the Former Directors; and 2. Gerber of the United States Bankruptcy Court for the Southern District of New York; B) The Former Directors shall, within 10 business days of the date of the Order, voluntarily dismiss the New Virginia Lawsuit without prejudice or move to transfer it to the Court of the Honorable Robert E.
The Complaint alleges that, as members of the Board of Directors (the “Board”) of Bearing Point, Inc. The Former Directors filed a lawsuit against John De Groote on November 15, 20, in the Circuit Court of Fairfax County, Virginia, (the “New Virginia Lawsuit”) in violation of the exclusive jurisdiction provision contained in 34(c) of the Confirmation Order and the doctrine arising from Barton v. Gerber of the United States Bankruptcy Court for the Southern District of New York and, both during and after such 10 business day period, exercise reasonable diligence to pursue approval of such motion to transfer; and C) The requests for a finding of contempt and imposition of sanctions contained in the Motion shall be continued sine die pending an evidentiary hearing on those issues if they are not by then moot.
(with its affiliates, “Bearing Point” or the “Company”), each of the Defendants had a fiduciary duty to actively prepare, determine, develop, and manage a strategy to pursue and maximize the highest value for the Company. (Update: A Consent Order transferring the New Virginia Lawsuit to the United States Bankruptcy Court for the Southern District of New York was entered on February 22, 2013.) DALLAS–(BUSINESS WIRE)–John De Groote Services, LLC, as Liquidating Trustee to the Bearing Point, Inc.
Read More In accordance with the Settlement Agreement and following receipt by the Bearing Point, Inc. Liquidating Trust, announced today a million special litigation distribution to creditors.
Liquidating Trust of the agreed-upon ,000,000, an Order of Dismissal was signed by the Circuit Court for the County of Fairfax, Virginia, dismissing the Complaint filed by John De Groote Services, LLC against F. This supplemental distribution will be made immediately and results from the Trust’s lawsuit against former Directors and the former Chief Executive Officer of Bearing Point, Inc., which was settled for million with no admission of liability. Under the settlement the Trust will receive ,000,000, with no admission of liability, and a release of claims, by all parties. Fleischer, Jill Kanin-Lovers and Edward Munson and Authorizing Settlement Payment.“This distribution caps a three-year effort by our team.We’re happy to get this money into the hands of our creditors, where it belongs,” said John De Groote, President of John De Groote Services, LLC.With this distribution, the Trust has returned over 6 million to Bearing Point’s creditors, including payment in full to secured lenders, full satisfaction of Bearing Point, Inc.’s Paid Time Off obligations to former employees, payment of over million to additional administrative and priority creditors, and million to unsecured creditors.