Word: recoupment
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Drexel won't find it easy to recoup the money. Last October, the SEC criticized the payments as excessive but not illegal. However, under the , bankruptcy code, companies can sue for the return of so-called preference payments dating back one year before the firms collapsed. "Drexel will also argue that the bonuses were a fraudulent conveyance," says bankruptcy lawyer Leon Marcus. "My guess is that some of the employees will settle, while the guys with the deepest pockets are going to fight it forever...
...Business School is talking with Harvard Real Estate and Cablevision in an attempt to recoup a portion of the initial hook-up cost...
...resigned. Soon the venerable firm may be changing the way it does business. A task force has proposed that Lloyd's allow some corporations to participate in the syndicate and limit future losses with the imposition of a 0.25% premium limit paid into a fund to help the names recoup losses above a fixed amount. That way, some of the names may venture back into the pool...
...original oils. Instead, the lab reported, the restorer had used alkyd, a synthetic paint commonly used on window frames. Goldreyer has acknowledged that he covered the canvas with an alkyd "seal" to protect the work, but contends his restoration was faithful. The Amsterdam cultural committee plans to try to recoup at least the restoration costs...
...intended source: the ruler of Abu Dhabi, Sheik Zayed bin Sultan al-Nahayan, who is now the major shareholder in B.C.C.I. For months banking authorities and liquidators have tried to talk Zayed into donating billions of dollars to cushion the losses of depositors around the world so they might recoup 30% to 40% instead of the 10% now expected. B.C.C.I.'s agreement with the U.S. may pave the way for that bailout...