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06-Sep-2020 09:39

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This recitation is somewhat truncated given that virtually everything which Aboff says about his relationship with and work for the public side is disputed by the debtors.

Suffice it to say that the work which Aboff performed and the identity of the companies for whose benefit and at whose behest he worked are all at issue.

businesses included in the worldwide holdings of the late Robert Maxwell and his family, seeks summary judgment on his two million proofs of claim. ("Headington"), a United Kingdom corporation, and the public side corporate parent was Maxwell Communications Corporation, plc ("MCC"), another United Kingdom corporation. Having briefly regarded the entire corporate map, we return now to examine more closely one piece of it, the public side, embracing both the debtors against which Aboff has asserted his claims.

The private side corporate parent is believed to have been Headington Investments, Ltd. PH(US)I, in turn, was owned, directly or indirectly, by Headington.

Milbank, Tweed, Hadley & Mc Cloy (George Brandon and John M. Thus the private side had fifty percent ownership of TCP through its ownership of TCTI, Inc.

Conlon, of counsel), New York City, for joint adm'rs. Because of his prior involvement with Thomas Cook Travel at Dun & Bradstreet, Shaffer agreed to become an officer and director of TCTI, Inc.

(Shaffer remained, however, as chairman, president and chief executive officer of Macmillan and as chairman of OAG until their sale, described below.) B. After confirmation of the MCC plan, Macmillan and OAG each filed "prepackaged" chapter 11 cases, that is, cases where the chapter 11 petitions were accompanied by plans which had the approval of major parties in interest.

The Bankruptcies of MCC, Macmillan and OAG After Robert Maxwell's death, his empire faltered, with bankruptcy proceedings ensuing in both the U. Macmillan's business was sold and, pursuant to its plan, the proceeds were set aside to satisfy the claims of creditors, with the remainder to be upstreamed to MCC, as Macmillan's shareholder.

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The two parents were not corporate strangers, however, for Headington owned part of MCC, functioning as the vehicle through which the Maxwell family maintained part ownership of the public side. The public side parent, MCC, had two assets which were its most valuable, its direct or indirect stock ownership of two U. corporations, Macmillan, the well-known publishing company, and OAG, publisher of the Official Airlines Guide.In 1989 Shaffer was appointed executive vice president of Macmillan and the next year was elevated to the office of president, with responsibility for the management of all of the MCC companies located in the U. At this point, the Electronic Publishing Group ceased to exist; its component companies were integrated into various divisions of Macmillan.

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