December 3, 2002
Litigation partner Benito Romano concludes in-depth investigation into, among other things, the financial relationship between Caribbean Petroleum LP, its president and CEO and creditors in the distressed company’s bankruptcy filing. Mr. Romano was appointed to serve as an examiner in this matter by Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware.
As reported in the December 2nd edition of The Daily Deal, Willkie partner Benito Romano recently concluded an in-depth investigation into, among other things, the financial relationship between Caribbean Petroleum LP, its president and CEO and creditors in the distressed company’s bankruptcy filing. Mr. Romano was appointed to serve as an examiner in this matter by Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware. Based on Mr. Romano’s report, Fleet National Bank, the agent for the debtor’s lender group, asked that one trustee for Caribbean Petroleum and one for the debtor’s remaining estates be named. Fleet stated in its motion that more than $158 million could be recoverable by the estate because of the “massive self-dealing and waste of corporate assets.” The U.S. Trustee said in its motion that Mr. Romano’s report “details more than ample grounds” for the appointment of a Chapter 11 trustee. Benito Romano is a partner in Willkie’s Litigation Department, specializing in complex criminal and civil litigation in all phases leading to trial, including criminal and regulatory investigations. Prior to joining Willkie he served as United States Attorney, representing the United States in all criminal and civil court proceedings in the Southern District of New York.