Bankrupt Wedtech Liquidating, Will Press 10 Lawsuits

Bankrupt Wedtech Corp., a Bronx defense contractor at the center of an influence-buying scandal that has reached to Washington, said today that it is liquidating its operations and will keep only a small staff to press lawsuits against former executives.

Martin Pollner, attorney for the company’s new management, said the sell-off of Wedtech’s assets will be supervised by a federal bankruptcy court.

All that will remain of Wedtech will be a core staff of employees to try to recover assets, pursue 10 lawsuits against the company’s former management and aid in criminal investigations.

Investigations of influence-peddling by former Wedtech officials have resulted in indictments against former White House aide Lyn Nofziger and Rep. Mario Biaggi (D-N.Y.) and the investigation of Atty. Gen. Edwin Meese III.