Oil and gas company American Standard Energy Corp. is suing two of its former directors, saying they fraudulently transferred valuable assets out of the company before its slide into bankruptcy, Dow Jones Daily Bankruptcy Review reported today. The company says that the actions of the two — a father- and son-in-law team that were at one time its largest shareholder and CEO, respectively — have jeopardized a $20 million bankruptcy sale of the company and could result in a reduction of $7 million in the purchase price. American Standard filed a complaint against the men and a company they control, in conjunction with its bankruptcy case, in an attempt to recoup any resulting creditor losses. Read more. (Subscription required.)
For further analysis of fraudulent transfers, be sure to pick up ABI’s Advanced Fraudulent Transfers: A Litigation Guide.
