| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Q > Headlines for Quigley Co., Inc. > News item |
Judge says all matters of law relating to Quigley's reorganization plan will be heard at confirmation
By Reshmi Basu
New York, Oct. 2 - The confirmation hearing for Quigley Co., Inc.'s plan of reorganization will be a highly contested event as a federal judge said all issues relating to matters of the law will be tried at that hearing.
The plan has been shrouded in controversy as both the ad hoc committee of tort victims and the office of the U.S. Trustee argue that the plan is unconfirmable due to fraudulent devises employed by parent company Pfizer Inc. and Quigley, such as voter manipulation.
During a contentious moment Tuesday, the ad hoc committee asked why Quigley has extended the contract for president and chairman of Quigley's board, Paul A. Street.
According to the ad hoc committee's lawyer, Edward S. Weisfelner of Brown Rudnick Berlack Israels, the company is paying Street a salary of $450,000 for "totally absentee management."
And in another matter, judge Stuart M, Bernstein adjourned the U.S. Trustee's request to dismiss the company's Chapter 11 case, noting that to try such a motion, which would equate to a fraud case, would mean only more delays and costs.
"This case has been limping along for three years. Confirmation is not going to be easy but I think we are getting close, "judge Bernstein told the court.
However U.S. Trustee attorney Greg M. Zipes from the office of the U.S. Trustee said he would resurrect the motion, if the confirmation hearing does not take place within three months.
Quigley, a unit of Pfizer Inc., filed for bankruptcy on Sept. 3, 2004 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 04-15739.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.