Crescent Sues Ex-CEO Over $2.4M In Tax Payments

Law360, New York (June 10, 2010, 6:26 PM EDT) -- Real estate developer Crescent Resources LLC is going after its former president, accusing him of breaching contract by accepting more than $2.4 million to offset taxes on an interest that never vested.

Crescent, whose Chapter 11 bankruptcy restructuring plan was approved late in May, filed an adversary proceeding Wednesday in the U.S. Bankruptcy Court for the Western District of Texas, saying former President and CEO Arthur W. Fields refuses to return money rightfully owed to Crescent despite admitting he has no interest in the company....
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