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« Goldman CEO Gets Bonus | Main | IBM Stops Compensation Options »

December 20, 2006

Dana Bankrutpcy

Judge Lifland struggle to understand the hefy lawyer's fees and expenses in the Dana Corporation bankrutcy is a hoot.  $9,000 airline flights and $ 300 cab rides???  The current bill is  for $22 million.  Put in context, this the corporation that successfully defeated a hostile takeover just a few years back, paying lawyers liberally to do so, and then ended up in Chapter 11.  It is incorporated in Virginia and used the Virginia anti-takeover laws to defeat the takeover.  Lawyers won; shareholders lost.

December 20, 2006 in Corporate Governance | Permalink

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