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On January 20, 2017, the SDNY Court granted such motions by the Company to sever the Crede lawsuit into two separate cases.
Still, the huge payouts appeared almost minuscule in comparison with the more than $1 billion paid over five years to Michael R. Drexel is now negotiating a settlement of other litigation against Mr. While the payments have come back to haunt all the Drexel executives who received them, no bonus money is being sought from the former head of the firm, Frederick H. The payments made shortly before the bankruptcy came largely as a result of guarantees Mr. As the firm deteriorated no effort was made to renege or even renegotiate those guarantees. Millson, a lawyer with Cravath, Swaine & Moore who is representing Drexel, said the firm was also negotiating with other executives who are not included in the suits filed yesterday about possible settlements of claims against them resulting from the bonus payments.
While the payments raised questions about whether the executives took the money with the knowledge that Drexel was going under, Mr.
(NYSE MKT: XXII), a plant biotechnology company that is a leader in tobacco harm reduction, announced today that the Company prevailed again in the most recent phase of the lawsuit filed by Crede CG III, Ltd.
Crede filed the lawsuit after the Company terminated its failed China joint venture arrangement with Crede and its principal, Terren Peizer, due to non-performance and other serious breaches by Crede and its principals.
From 1993 to 1997, he served as Chairman and Chief Executive Officer of Beachwood Financial Company, Inc., an investment holding company that specialized in venture capital, developmental phase and small capitalization company investing. Peizer served as Chairman and Chief Executive Officer of Financial Group Holdings, Inc.