A tissue of lies

american tissue

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Bankrupt paper manufacturer American Tissue has sued investment banker Donaldson, Lufkin & Jenrette on behalf of its creditors, charging that DLJ schemed to “financially pillage the company”, leading to its filing for bankruptcy and going out of business.

Bondholders of $165 million in notes issued in 1999 have been left $150 million out of pocket and participants in a $145 million credit facility are owed $100 million, according to a complaint filed in New York District Court for the Southern

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