Paragon Shareholder Can't Reopen $2.4B Restructuring Plan
By Christopher Crosby (October 8, 2021, 3:06 PM BST) -- A shareholder in an offshore drilling company has hit a dead end in his attempts to claim compensation following a $2.4 billion restructuring, as a London court ruled on Friday that he couldn't challenge findings that its administration had ended.
Judge Sarah Falk denied Michael Hammersley permission at the High Court to appeal a ruling that administrators for Deloitte LLP had discharged their liabilities in overseeing the restructuring of Paragon Offshore PLC.
Hammersley, a U.S. shareholder, had argued that administrators failed to leave behind some $700 million during the restructuring process for potential claims brought by shareholders allegedly owed payments from the...
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