AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
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 …