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