Lehtonen v. Time Warner Inc. (In re PurchasePro.com Inc.)
Jun
29
2005
Ruling
Trustee's complaint against stock transferee was not dismissed since cancellation of stock option and the immediate reissuance of an amended and restated stock option that resulted in economic harm to the debtor was a fraudulent transfer of an interest of the debtor.
Procedural posture
Plaintiff trustee of debtor's liquidating trust filed a complaint against defendant transferee under Nevada's version of the Uniform Fraudulent Transfer Act. The complaint also alleged that defendant was liable under Nevada corporate law for a failure to provide the full amount of the agreed-upon consideration required when defendant exercised its rights under the warrant. Defendant moved to dismiss.
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Court
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