Trustee For Columbia House Trying To Claw Back Millions

Law360, New York (August 10, 2017, 7:34 PM EDT) -- The liquidating trustee for the parent of onetime music megadistributor Columbia House filed legal actions Wednesday seeking $19 million in clawbacks and suing four former executives for breach of fiduciary duty over an improvident loan.

Edward Bond, liquidating trustee of the FEI Creditors’ Liquidation Trust, filed two fraudulent-transfer suits; he also filed a breach-of-fiduciary-duty suit against the four former executives -- CEO Deborah Fine, CFO Mark Bonney, VP for Legal Clifton Knight, and Controller William Jackson -- over a $14.6 million loan from FE to Bookspan for Bookspan’s April 2012 purchase of SkyMall Inc. BMG Columbia House moved out of the...

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August 10, 2015

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