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BAY HARBOUR MANAGEMENT, LLC v. CAROTHERS

No. 06 Civ. 2520(DC).

474 F.Supp.2d 501 (2007)

BAY HARBOUR MANAGEMENT. LLC, Plaintiff, v. Jay CAROTHERS, Mark Scott, Coleen Colreavy, Robert Webber, Deloitte & Touche USA LLP, and "John Doe" "1"-"20", Defendants.

United States District Court, S.D. New York.

February 1, 2007.

Attorney(s) appearing for the Case

J.L. Saffer, P.C. by Jennifer L. Saffer, Esq., Scott A. Lucas, Esq., New York City, for Plaintiff.

Cravath, Swaine & Moore LLP by Robert H. Baron, Esq., Jeffrey B. Korn, Esq., New York City, for Individual Defendants.

Hughes Hubbard & Reed LLP by William R. Maguire, Esq., Sarah Loomis Cave, Esq., New York City, for Defendant Deloitte & Touche USA LLP.

MEMORANDUM DECISION

CHIN, District Judge.

In this securities fraud case, plaintiff Bay Harbour Management LLC ("Bay Harbour") purchased $19 million in junk bonds issued by Levitz Home Furnishings, Inc. ("Levitz") in November 2004 as part of a $130 million private placement (the "Offering"). In October 2005, less than a year later, Levitz filed for bankruptcy protection. The value of the bonds dropped significantly, and Bay Harbour brought this action...

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