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Current Buzz:
How Deal Terms Affect Valuation & Liquidity
by: Justin Byers, Business Intelligence Analyst
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Buzz Archive:
No D&O Coverage for Payment to Shareholder Class; Parties Fight Over Access to D&O Proceeds
by Robert D. Chesler, Esq. and Cindy Tzvi Sonenblick of Lowenstein Sandler PC, 1/13/2010
Directors and officers insurance policies are full of holes and do not provide coverage for many basic corporate exposures. The Genzyme case discussed below demonstrates the prevalence of the insurers' defense that many settlement payments do not constitute "loss" under the D&O policy but rather are restitutionary payments that are not covered.
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