Lynn Tilton’s Patriarch Partners took nearly $3 million out of ailing ambulance operator TransCare Corp. in the year before it collapsed into bankruptcy, leaving 1,700 workers suddenly jobless and many unpaid, the Wall Street Journal reported yesterday. Bankruptcy court reports don’t say why TransCare paid Patriarch $2.785 million. TransCare filed for chapter 7 bankruptcy liquidation in February 2016, without enough money in its bank accounts to cover outstanding paychecks and without the warning required under federal law in the event of mass layoffs. Patriarch has denied any wrongdoing.
