Dispute Over Shield Remediation
Paul Chiodo, former director of Shield's responsible entity, and liquidators Jason Tracy and Glen Kanevsky from Alvarez and Marsal are in a public dispute over the remediation of Shield.
The judge has urged us to mediate this matter, and the only settlement that makes sense is to make the Shield unit holders whole.
Chiodo has proposed a "unitholder-first" deal to make investors whole before Christmas, but the liquidators contest this claim. Chiodo has also sought the release of $110 million in frozen funds and the sale of exchange-traded funds (ETFs) worth $210 million to directly benefit investors.
- $110 million in frozen funds to be released
- $210 million in ETFs to be sold
Author's summary: Dispute over Shield remediation costs.
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