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Sarbanes-Oxley News & Developments
Creditors Can Sue Dead Enron Exec A bankrutpcy judge said creditors can try to collect $1.3 million from the estate of Cliff Baxter, who died in 2002.
> > U.S. Bankruptcy Judge Arthur Gonzalez said in a recent ruling that the creditors can try to recover $1.3 million from the family of former Vice Chairman Cliff Baxter, who died of a self-inflicted gunshot wound January 25, 2002, less than two months after the former energy giant filed for bankruptcy, according to Bloomberg. The judge ruled that creditors can recover the funds because Baxter was paid within 90 days of the bankruptcy filing. The 90 day limit makes the payout to Baxter a preference payment, which is recoverable in bankrutpcy proceedings.
Source: CFO
Published:2006-09-21
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