Zucker Goldberg Shareholder Spirited Millions Out, Suit Says

By Cara Salvatore (August 4, 2017, 8:56 PM EDT) -- The unsecured creditors committee for the bankrupt law firm Zucker Goldberg & Ackerman LLC opened an adversary proceeding against a former 78 percent shareholder of the firm on Thursday in New Jersey bankruptcy court, saying he deceitfully and abusively transferred millions out of the firm to fund his unrelated startup.

The complaint says the failure of the firm was due in healthy part to majority shareholder Michael S. Ackerman's transfer of millions of dollars out of the firm in the five to six years before its official failure.

Ackerman was using much of the money to fund the startup 4S, according...

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