Love Culture Calls Insider's E-Commerce Sell-Off A 'Ruse'

Law360, New York (July 29, 2014, 5:02 PM EDT) -- Love Culture Inc. on Monday launched an adversary case in New Jersey bankruptcy court against one of its directors over what it said was a bogus $2.5 million sale of the clothing retailer's e-commerce assets to a company that he purportedly owns.

Love Culture, which filed for Chapter 11 protection on July 16, is challenging an April 2 asset purchase agreement for the company's domain name and related holdings that director Bon Ho “Bennett” Koo and CEO Jai Rhee, who is also a member of the board of directors, struck with Irvine, California-based Softree Inc. Koo, a California resident, was among...

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