Owens Corning (OC) Announces Resignation of David J. Lyon from Board of Directors
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Owens Corning (NYSE: OC) announced today the resignation of David J. Lyon from the company's board of directors effective June 17, 2009. Mr. Lyon is a vice president of the D. E. Shaw group.
Mr. Lyon was one of two directors designated to represent bond holders of Owens Corning's predecessor company in connection with its emergence from asbestos-related Chapter 11 bankruptcy in October 2006. That bond-holder group was led by the D. E. Shaw group. After two and one-half years, the firm's holdings have been reduced to less than 10 percent of Owens Corning's outstanding common stock, so Mr. Lyon determined his resignation was appropriate.
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Mr. Lyon was one of two directors designated to represent bond holders of Owens Corning's predecessor company in connection with its emergence from asbestos-related Chapter 11 bankruptcy in October 2006. That bond-holder group was led by the D. E. Shaw group. After two and one-half years, the firm's holdings have been reduced to less than 10 percent of Owens Corning's outstanding common stock, so Mr. Lyon determined his resignation was appropriate.
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