Dondero Loses Control of Highland Unit, Will Remain Employee

James Dondero will cede control of Highland Capital Management LP -- a bankrupt unit of the investment firm he co-founded in 1993 -- to a new independent board of directors, but he will remain a portfolio manager at the unit under a modified deal with creditors.

• Judge Stacey Jernigan on Thursday approved the deal, which is a departure from an earlier version of the settlement that called for Dondero to have no involvement with the bankrupt unit
  • PREVIOUSLY: Dondero May Depart Bankrupt Highland Unit in Win for Creditors
• The decision to keep Dondero on as an employee at the unit ...