As her collection of troubled companies continues to struggle, distressed investing executive Lynn Tilton will face questioning under oath about the demise of one of them, failed emergency-care transport company Transcare Corp., the Wall Street Journal reported today. Over the past year, Tilton has gone to trial in New York and Delaware over her handling of what was once a $2.5 billion empire, spending days on the witness stand. Sometime this summer, Tilton will take questions about the fate of Transcare, which shut down suddenly last year, leaving more than 1,200 workers jobless, and many allegedly unpaid. The questions will come from bankruptcy trustees, who have been issuing subpoenas and getting court orders to fill in the gaps in the ambulance company’s financial records. More than a year after Transcare closed down, bank and tax records were missing, court documents say.
