The sanctions ruling follows Chancellor Bouchard's ruling in August 2015 ordering the sale of the company and appointing Skadden Arps Slate Meagher & Flom partner Robert Pincus to serve as custodian to file a proposed plan of sale; his ruling last month approving Pincus's plan to sell the company at auction, over Shawe's strenuous objection; and his order on Monday, again over Shawe's objection, setting forth the custodian's broad powers in implementing the sales process.
Ms. Elting is represented by Philip S. Kaufman and Ronald S. Greenberg of Kramer Levin Naftalis & Frankel LLP. Mr. Kaufman is available to answer questions on background. About the sanctions ruling, Mr. Kaufman said:
"This chapter completes Ms. Elting's total victory. The court's strong language in condemning Mr. Shawe's misconduct, like the court's previous rulings, further confirms why it was necessary for Ms. Elting to ask the court for all of the relief she has now obtained."
Also about the ruling, Ms. Elting said: "I'm gratified that the court recognized Mr. Shawe's misconduct and is holding him accountable for it."
Contact: Peter Pochna
Organization: Rubenstein Associates
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SOURCE Kramer Levin Naftalis & Frankel LLP