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PPVA v MG no settlement A telephonic status conference hearing just concluded during which Judge Chapman asked if the parties have agreed to an amount of damages or an agreement on how to proceed. Last week the judge ruled that MG was liable to PPVA for transferring into his name over 5MM shares of NAVB warrants that were the property of PPVA. NAVB is not a party to this case. Distinguished bankruptcy Judge Shelly Chapman is retiring next month. (BTW, Judge Chapman has, since 2014, presided over the Lehman Brothers bankruptcy case, by far the largest BC ever filed.) The PPVA attorneys reported that they and MGs attorneys have had several discussions since last week's ruling and that PPVA sees no
reasonable prospect of a near term solution and would like to have this case reassigned to another judge for the purposes of
damages assessment. MGs attorney reported that MG said he would like to first try mediation. PPVA responded that they are not opposed to mediation but that previous
mediations have gone nowhere and that, "We are not interested in a process that wastes
time and goes nowhere". The judge said she would ordinarily set a briefing schedule but since she is stepping down from the bench next month that she will leave the field open to
whoever takes over. "The Clerk will
notify you when the case is assigned to a new judge." Since this case does not directly involve NAVB I don't intend to report blow by blow actions over the next several months. Here is a link to the docket for those who want to look in from time to time: PPVA v MG USBC docket |
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