Ex Chief of McCook Metals LLC Files for Dismissal of Bankruptcy.LAKE FOREST, Ill. -- Michael W. Lynch, former chairman of McCook Metals LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , announced today that, on 21st March 2006, he filed a motion in 7th Circuit U.S. Bankruptcy Court (Northern District of Illinois-Eastern Division) for dismissal and change of venue A change of venue is the legal term for moving a trial to a new location. In high-profile matters, a change of venue may occur to move a jury trial away from a location where a fair and impartial jury may not be possible due to widespread publicity about a crime and/or defendant(s) pursuant to his Chapter 11 bankruptcy petition. In August 2005, Mr. Lynch sought personal bankruptcy protection in the Court as a consequence of a $31 million judgment against him. Mr. Lynch stated that his filing for dismissal of bankruptcy protection is related to his intention to bring suit against General Electric Capital Corporation (GECC GECC General Education Core Curriculum GECC General Electric Credit Corporation GECC Group Enabled Cluster Compiler GECC Geelong Ethnic Communities Council GECC Glen Ellyn Children's Chorus (Glen Ellyn, Illinois) ), Alcoa Inc., and Chicago law firm Seyfarth Shaw LLP LLP - Lower Layer Protocol , under the federal R.I.C.O. (Racketeer Influenced and Corrupt Organizations Act) statute, in the 7th Circuit U.S. District Court (Northern District of Illinois). According to official records, entrepreneur Michael Lynch purchased a financially distressed aluminum processing plant in McCook, Illinois from Reynolds Metal Company in 1997. Within several years, Mr. Lynch grew the McCook purchase into a one-billion dollar aluminum conglomerate, known as McCook Metals LLC, which employed 2,000 workers and generated $900 million in annual revenues. Mr. Lynch alleges that in 2001 his chief competitor Alcoa Inc. and his creditor General Electric Capital Corp. colluded with his representing law-firm Seyfarth Shaw LLP to drive McCook Metals LLC into bankruptcy and liquidation. Mr. Lynch said, "I cannot but oppose those who would answer competition with oligopoly oligopoly: see monopoly. oligopoly Market situation in which producers are so few that the actions of each of them have an impact on price and on competitors. Each producer must consider the effect of a price change on the others. or would nullify due process with improbity im·pro·bi·ty n. Lack of probity; dishonesty. [Middle English improbite, shameless persistence, from Old French, dishonesty, from Latin . The wrongs dealt to me and to my company, associates and family are like ripples in a large pond. They touch many an American taxpayer and reflect woefully upon our systems of justice and governance." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion