Intentional constructive conveyance arises when the transactions are undertaken for the purpose of hindering or delaying creditors in asserting their claims.ĭavis’ report does not contend that there was any criminal liability in connection with the transactions. Indeed, by the fall of 2013, while hoping to avoid a CEOC bankruptcy, the sponsors began planning for what would happen in the event of such a bankruptcy.”Ĭonstructive fraudulent conveyance arises when an insolvent company transfers assets for less than fair value, regardless of the intent of the parties to the transaction. The report continued, “Moreover, precisely because of CEOC’s very problematic financial condition, by sometime in late 2012 the sponsors adopted and began to implement a strategy, which while providing some benefit to CEOC, was designed, among other things, to strengthen CEC’s and the sponsors’ position in a potential restructuring negotiation with creditors and improve their position in the event of a CEC or CEOC bankruptcy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |