American Realty Investors Still Face $63M Judgment
By Ryan Boysen (August 15, 2018, 5:40 PM EDT) -- Jilted creditors seeking to collect on a $63 million judgment against an American Realty Investors Inc. affiliate received a mixed-bag ruling on Tuesday, as a Texas federal judge tossed some of their fraudulent transfer and alter ego claims but kept others intact ahead of a likely trial.
David M. Clapper and Michigan-based Atlantic Midwest LLC have accused ARI and EQK Holdings Inc. of fraudulently moving assets around in bankruptcy so that ARI affiliate American Realty Trust Inc. would be unable to pay the $63 million judgment against it.
Former ARI CEO Gene Phillips, who is associated with all three entities, is...
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