Sealed Air fraud appeal
court overseeing the W. R. Grace bankruptcy proceeding did not
grant an immediate appeal.
In the US Sealed Air Corporation has announced that the federal court overseeing the W. R. Grace bankruptcy proceeding, which will hear the September 30, 2002 trial of fraudulent transfer claims against the Company, did not permit an immediate appeal of its July 29, 2002 order on the legal standards to be applied to the issue of Grace's solvency.
Sealed Air expects to appeal this matter at the conclusion of the September 30th trial, if necessary. The Company released the following statement: "Sealed Air believes that different legal standards apply and that an early decision on this matter would have resulted in a more efficient process. We will now proceed to trial and the Company will put on its best case on the merits." Sealed Air Corporation is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems.
