Yacht Co. Trustee's Clawback Claims Went Overboard: Suit

Law360, New York (February 27, 2012, 1:23 PM EST) -- The bankruptcy trustee for boat maker Genmar Holdings Inc. sullied the reputations of the company’s former CEO, his wife and two of his businesses by targeting them with defamatory clawback claims, according to a suit removed Friday to Minnesota federal court.

Former Genmar CEO Irwin L. Jacobs claims that Charles W. Ries, the Chapter 7 trustee for Genmar, wrongly sought to recover alleged illegal transfers made to insiders of the company before it went bankrupt in June 2009.

Ries is seeking $2.7 million from Jacobs, $151,475...
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