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Ruth Madoff's combined assets with her husband had a net worth of between $823 million and $826 million.She had $92.6 million in assets listed in her own name: [9] the $7 million penthouse on Manhattan's Upper East Side; an $11 million mansion in Palm Beach, Florida; a three-bedroom apartment in Cap d'Antibes on the French Riviera valued at $1.5 million; $45 million in municipal bonds and $17 ...
The UFTA and the Bankruptcy Code both provide that a transfer made by a debtor is fraudulent as to a creditor if the debtor made the transfer with the "actual intention to hinder, delay or defraud" any creditor of the debtor. There are two kinds of fraudulent transfer. The archetypal example is the intentional fraudulent transfer.
Rather, they were plotting a "dividend recap." After taking BJ's private, LG and CVC ordered the company to pay them a $643 million dividend -- equal to the entire cash outlay they'd made in the ...
A dividend recapitalization (often referred to as a dividend recap) in finance is a type of leveraged recapitalization in which a payment is made to shareholders. As opposed to a typical dividend which is paid regularly from the company's earnings, a dividend recapitalization occurs when a company raises debt —e.g. by issuing bonds to fund ...
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The outcome of litigation attacking a leveraged buyout as a fraudulent transfer will generally turn on the financial condition of the target at the time of the transaction – that is, whether the risk of failure was substantial and known at the time of the LBO, or whether subsequent unforeseeable events led to the failure.
Bundy could have tried to fight the fraudulent conveyance claims in court, but failed to appear for hearings and filed case documents incorrectly — twice. The judge found him in default, meaning ...
Tunneling or tunnelling is financial fraud committed by "the transfer of assets and profits out of firms for the benefit of those who control them". [1] In legal terms, this is known as a fraudulent transfer, such as when a group of major shareholders or the management of a publicly-traded company orders that company to sell off its assets to a second company at unreasonably low prices.