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Jim Manzi repaid in Nets Inc. deal: chairman will get $1.4 million from bankruptcy.
Chairman will get $1.4 million from bankruptcy
Jim Manzi will get his way.
According to a plan of liquidation approved by a federal bankruptcy court in Boston last week, the Nets Inc. chairman will be among the first to receive money from the failed electronic commerce outfit, which began in Pittsburgh.
A committee of unsecured creditors had filed suit to prevent this from happening. But attorneys for the group say the case won't proceed.
So Mr. Manzi - the former Lotus Development Corp. CEO who moved Nets from Pittsburgh to Boston - will get what he wants from the company's bankruptcy plan.
"The parties have reached a proposed settlement in which Mr. Manzi will be paid for …
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- Nets creditors fight Jim Manzi payment. (liquidation plan)
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Magazine article from: Pittsburgh Business Times
Kovatch, Karen
March 13, 1998
700+ words
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- LOOKING BACK.
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Magazine article from: Pittsburgh Business Times
Lott, Ethan
March 16, 2001
700+ words
