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He did much the same in 1984 for the Kienast family of Liberty Corner, N.

J., after William Kienast, the father of quintuplets and two other children, took his own life. Petrie helped countless other families and individuals whose plight he learned of while reading The New York Post.

21 (In re CFB Liquidating Corporation, f/k/a Chicago Fire Brick Co., et al., No. Chatz, as Trustee for the CFB/WFB Liquidating Trust v.

It is possible that the directors may have breached their duty of care.

The Trust alleges that the independent directors breached their duty of loyalty when they approved Magnacca's appointment to the board of American Apparel, and then made him the point man to negotiate with Standard General with respect to the financing that allegedly led to Radio Shack's demise. First, why would Magnacca sacrifice his position as head of one of America's most "iconic" retailers in exchange for such paltry and illusory consideration?

— An asbestos personal injury liquidating trust properly submitted proposals to an insurer regarding the payment of allowed claims that triggered the insurer’s policies and did not violate two debtors’ plan of reorganization by allocating to the insurer 100 percent of the liquidated value of each approved unpaid claim, a California federal bankruptcy judge held Nov.

I find no cognizable claim that any of the directors of Radio Shack, including Magnacca, breached his or her duty of loyalty.

That is because if there is no satisfactory answer, it suggests that the duty at issue is not loyalty, but care.

Petrie, who had been ill most of this year, died of lung and kidney problems, his wife, Carroll, said.

Petrie became known as one of its most generous, using his millions to ease the burdens of everyday people in distress as well as for more traditional causes like cancer cures, the arts, and religious and educational institutions.




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