TMT Creditor Seeks To Pursue $2.7M Real Estate Transfer

Law360, Houston (December 2, 2013, 10:42 PM EST) -- Cathay United Bank Co. Ltd. asked a Texas bankruptcy judge Monday to allow it to pursue a fraudulent transfer claim against an affiliate of TMT Group, saying the shipper is trying to hide $2.7 million in real estate from its creditors.

The bank says that TMT subsidiary New Flagship Investment Co. Ltd. transferred to a trust property located in Taiwan — which the company pledged as collateral to secure loans to evade creditors — and that time is quickly running out to invalidate the transaction under...
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