Examples of SLC Counsel in a sentence
After the Settling Parties reached an agreement in principle on the material substantive terms to resolve the Litigation, Plaintiffs’ Counsel and SLC Counsel (as defined in the Stipulation), commenced negotiations regarding an appropriate award of attorneys’ fees and expenses commensurate with the value of the Settlement benefit and the contributions of Plaintiffs’ Counsel to the Settlement.
Following a number of exchanges through the Mediator, Plaintiffs’ Counsel and SLC Counsel, on behalf of the SLC (as defined in the Stipulation), accepted the Mediator’s proposal, agreeing on the Fee and Expense Amount of $3.5 million.
On December 21, 2012, Plaintiffs’ Counsel sent a letter to SLC Counsel noting that during the stay, the outstanding balance of the Loan grew to $723.3 million while CCC’s credit rating continued to reflect a likely default.
At the meeting, SLC Counsel acknowledged that a wholesale review of the relationship between CCC and Outdoor, triggered by Plaintiffs’ allegations, had uncovered evidence that the SLC believed could support claims against the members of the Outdoor Board for breaches of their fiduciary duties to Outdoor and its public shareholders.
Id.On January 15, 2013, Plaintiffs’ Counsel held a telephonic meeting with SLC Counsel to discuss Plaintiffs’ Counsel’s letter of December 21, 2012.
Federal Plaintiff’s Counsel and SLC Counsel also discussed the status of the SLC’s investigation and next steps, including the possibility of engaging in mediation to explore a potential resolution of the matter.
Id.On February 7, 2013, Plaintiffs’ Counsel met with SLC Counsel to discuss the settlement proposal.
Id. SLC Counsel felt the best course of action would be to use the leverage created by the litigation and ensuing successful investigation to extract significant concessions and a restructuring of the terms of the Loan.
Federal Plaintiff’s Counsel made a presentation to SLC Counsel that addressed, among other things, (i) the factual allegations, the legal theories for recovery, and the damages alleged to have been suffered by the Company; (ii) corporate governance and other changes that had been made at the Company since the commencement of the Federal Derivative Action; and (iii) potential additional corporate governance measures that could help prevent a recurrence of the alleged wrongdoing.
Plaintiffs’ Counsel met with SLC Counsel on a number of occasions to discuss the concessions that the SLC would attempt to extract from CCC.