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Here’s a simplified timeline: FH Partners made a demand on the debtor for payment of the loan and eventually sued the debtor and guarantors.
The trial court granted the defendants summary judgment, holding that FH Partners didn’t own the loan and so it couldn’t enforce it.
That’s the number of legal cases stemming from alleged stock-option backdating.
“The process and paperwork behind this has gotten much more rigorous,” Ms. Backdating litigation was often consolidated into class actions or brought by shareholders on behalf of the company.
It’s not unusual for parties to a contract to want the written agreement to cover a period before it’s actually signed.
“If you filed a restatement that was obviously more apt to cause litigation,” said Donald Whalen, director of research at Audit Analytics.
And despite concerns that auditors should have caught some of the backdating, corporate audit firms were named as defendants in just 13 cases.
Setting aside such issues, avoiding unwanted side effects of backdating contracts can be tricky, especially when the purported effective date of an agreement is several months before the date it was actually signed, as can be seen in involves the ownership of a promissory note that was made to a bank in connection with a loan.
The facts are a bit complicated, involving circumstances surrounding the failure of a bank and transactions in the bank’s loans preceding the failure as well as transactions of the FDIC as the bank’s receiver.