Quaker Fabric Backers Sue Over Fraudulent Transfers

Law360, New York (September 12, 2008, 12:00 AM EDT) -- The official committee of unsecured creditors in the Quaker Fabric Corp. Chapter 11 proceedings has sued seven former executives of the bankrupt fabric maker for the alleged fraudulent transfer of money that was of a property interest to the debtors.

In a complaint filed Sept. 11 in the U.S. Bankruptcy Court for the District of Delaware, the official committee of unsecured creditors sued seven former executives of Quaker Fabric for paying themselves a total of $183,000 in accrued vacation time, an amount that was more than...
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