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His arrest sent shockwaves through the auto industry and rocked Nissan’s alliance with Mitsubishi Motors Corp and France’s Renault SA. Ghosn, who masterminded Nissan’s financial turnaround two decades ago, has since been removed from chairmanship positions at Nissan and Mitsubishi, but remains chairman and chief executive at Renault. The French government, Renault’s biggest shareholder, said it supports Renault’s decision to keep Ghosn at its helm unless it becomes clear he will be “chronically incapacitated” by the Japanese investigation, officials said on Monday.
The prospect of a lengthy detention could increase pressure on the Renault board and shareholders including France’s government to appoint permanent new leadership for the carmaker, Tuesday is likely to see “important developments” in relation to that question, one French official said, The case has also put Japan’s criminal justice system under international scrutiny and sparked criticism for some of rose cufflinks its practices, including keeping suspects in detention for long periods and prohibiting defense lawyers from being present during interrogations, which can last eight hours a day..
Ghosn’s wife, Carole Ghosn, has complained about her husband’s “harsh treatment” in detention, including being held in a small, unheated room and being pressured by prosecutors to confess, according to a letter she wrote to Human Rights Watch’s Japan director Kanae Doi. She urged the group to “shine a light on the harsh treatment of my husband and the human rights-related inequities inflicted upon him by the Japanese justice system.”. Doi said in an e-mail to Reuters that the country’s justice system “certainly warrants the international pressure and attention it is getting now.”.
NEW YORK (Reuters) - Negotiations between Sears Holdings Corp Chairman Eddie Lampert and the bankrupt U.S, department store operator approached a resolution late on Tuesday as the billionaire hedge fund manager faced the choice of improving his $5 billion offer for the company or ending his takeover plans, rose cufflinks people familiar with the matter told Reuters, After two days of haggling, U.S, Bankruptcy Judge Robert Drain set a Wednesday deadline to complete the bankruptcy auction for the 126-year-old retailer, the people said, Sears was weighing Lampert’s offer against the sum it would recoup by winding down its business and selling its assets off in pieces..
Liquidating Sears would end the department store in its current form, meaning layoffs for as many as 68,000 people and the closure of about 500 stores. Last week Lampert, through his hedge fund ESL Investments Inc, made an improved $5 billion offer for Sears after the company turned away his earlier $4.4 billion bid. But the same issues that dogged his earlier offer were proving to be hurdles for his $5 billion proposal. Sears believes the bid falls short of covering the bills the retailer has racked up since filing for bankruptcy protection in October, the people said. A bedrock principle of bankruptcy cases is that those expenses, known as administrative claims, must be fully repaid.
Sears is also pushing Lampert to offer more money in exchange for a legal release that would shield him from future litigation over transactions he did with the company in the past, the people added, Lampert has said the deals were proper, Lampert’s $5 billion offer had taken on another $600 million-plus in liabilities, and marked $35 million for a so-called release from litigation, Sears declined to comment, The bankruptcy auction for Sears began on Monday morning in Manhattan at the offices of law firm Weil, Gotshal & Manges LLP, which is representing the retailer, On Tuesday, representatives for Sears and Lampert briefed Drain rose cufflinks on the status of the auction, the people said..
WILMINGTON, Del. (Reuters) - A Delaware judge said on Tuesday Papa John’s International Inc must turn over internal documents to the company’s founder who has been seeking to reassert control over the pizza delivery chain after he resigned as chairman in July. John Schnatter, who owns about 30 percent of the company, has been seeking the documents to try to show the company was mismanaged and to determine if he was improperly pushed out. The founder of the third-largest pizza delivery chain resigned in July following a Forbes story that he had used a racial slur on a media training conference call.
Schnatter said the comment was mischaracterized and since then he has battled the company in court, On Tuesday, Chancellor Andre Bouchard of Delaware’s Court of Chancery ordered the company’s directors to turn over documents and communications, including text messages on personal devices, related to Schnatter’s firing, The order covered some messages between directors and their lawyers, Both sides said in statements they were pleased with the ruling, The company noted the judge narrowed the scope rose cufflinks of the document requests, while Schnatter called it a vindication of his right to the information..