The government and the trustees charged with liquidating the estate of disbarred attorney Marc S. Dreier and his defunct 250-attorney law firm hit a stumbling block yesterday when a federal bankruptcy judge said he could not sign off on two agreements reached between the parties after months of negotiation.
The first agreement required GSO Capital Partners, which invested in fake promissory notes peddled by Mr. Dreier, to pay about $9.5 million to the trustees. In return, the trustees agreed to release GSO from claims relating to payments it received as a result of the fraud. The agreement also barred third-party claims against GSO “releasees” that related to “Marc Dreier, Dreier LLP, and the Note Fraud Funds.”
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