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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.