Pakboong Posted January 27, 2009 Share Posted January 27, 2009 For $10, Fuld Sold Florida Mansion to His Wife http://www.nytimes.com/2009/01/26/business...tml?_r=2&hp Article Tools Sponsored By By LOUISE STORY Published: January 25, 2009 Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10. Skip to next paragraph Enlarge This Image Karen Bleier/Agence France-Presse — Getty Images Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers, testifying at a Congressional hearing last October. Related Times Topics: Richard S. Fuld Jr. | Lehman Brothers Holdings Inc. Link to comment Share on other sites More sharing options...
OriginalPoster Posted January 27, 2009 Share Posted January 27, 2009 For $10, Fuld Sold Florida Mansion to His Wifehttp://www.nytimes.com/2009/01/26/business...tml?_r=2&hp Article Tools Sponsored By By LOUISE STORY Published: January 25, 2009 Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10. Skip to next paragraph Enlarge This Image Karen Bleier/Agence France-Presse — Getty Images Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers, testifying at a Congressional hearing last October. Related Times Topics: Richard S. Fuld Jr. | Lehman Brothers Holdings Inc. That story was on all the newswires over the weekend, sounds like the guy got caught trying to hide assets by transferring them to his wife. Doesn't seem like it has much to do with Thailand though. Link to comment Share on other sites More sharing options...
Pakboong Posted January 27, 2009 Author Share Posted January 27, 2009 For $10, Fuld Sold Florida Mansion to His Wifehttp://www.nytimes.com/2009/01/26/business...tml?_r=2&hp Article Tools Sponsored By By LOUISE STORY Published: January 25, 2009 Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10. Skip to next paragraph Enlarge This Image Karen Bleier/Agence France-Presse — Getty Images Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers, testifying at a Congressional hearing last October. Related Times Topics: Richard S. Fuld Jr. | Lehman Brothers Holdings Inc. That story was on all the newswires over the weekend, sounds like the guy got caught trying to hide assets by transferring them to his wife. Doesn't seem like it has much to do with Thailand though. There are several Thai building projects affected by the outcome of all this. Lehman brothers was on the blame line for some of the biggies. Link to comment Share on other sites More sharing options...
quiksilva Posted January 27, 2009 Share Posted January 27, 2009 For $10, Fuld Sold Florida Mansion to His Wife http://www.nytimes.com/2009/01/26/business...tml?_r=2&hp Article Tools Sponsored By By LOUISE STORY Published: January 25, 2009 Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10. Skip to next paragraph Enlarge This Image Karen Bleier/Agence France-Presse — Getty Images Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers, testifying at a Congressional hearing last October. Related Times Topics: Richard S. Fuld Jr. | Lehman Brothers Holdings Inc. After his hearing, he was working out in the company gym, when one of his staff punched him out, cold. Link to comment Share on other sites More sharing options...
geriatrickid Posted January 27, 2009 Share Posted January 27, 2009 Big Fing deal. It means nothing except that he is trying to delay the inevitable. He's about to be sued. And even if the claims are defended successfully, litigants can attach liens to the property to try and pressure a settlement. Those liens could be in place for a decade as suits and countersuits make it through the courts. By transferring the property, he can avoid having the house seized. However, it doesn't mean that he can keep the house if he is convicted of fraud. Any actions deemed to avoid losing assets due to seizure arising from the proceeds of crime laws will be ruled null and void. Selling the property to a related party doesn't get him off the hook, but it puts an asset that can be used to fund a defense temporarily out of harm's way. This sale was done on the advice of legal counsel. What people don't realize is that the directors and officers of the company could very well be on the hook for everything they have if the courts rule there was a breach of duty. The reasons are simple; 1. The D&O policy limit will be inadequate to cover the legal costs as well as the compensatory claims and more likely, 2. If there is any hint of criminal wrongdoing, the D&O insurers will invoke the policy exclusion that states that the policy does not indemnify in the event that the loss arises from a criminal act. Link to comment Share on other sites More sharing options...
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