Atari Exec Gets Off $6.7M Bankruptcy Hook

Law360, New York (August 12, 2010, 5:32 PM EDT) -- A federal appeals court has reversed a $6.7 million loss for former Atari Corp. chair Jack Tramiel, who was accused of fraudulently buying land on the cheap from a soon-to-be bankrupt Atari subsidiary.

Tramiel bought the land from JTS Corp., an ailing hard disk maker, in a good faith effort to keep the company afloat, the U.S. Court of Appeals for the Ninth Circuit ruled Tuesday.

A district court had ruled that Tramiel bought the property well below fair market value and ordered him to pay...
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