In a decision likely to have a knock-on effect for future fraudulent transfer defense and valuation litigation, the Delaware bankruptcy court recently ruled that the price agreed in the.
ADVERTISEMENT
ADVERTISEMENT
Ex-Jumio CEO Hit With Del. Bankruptcy Sanction Ruling
Law360 (February 17, 2021, 7:16 PM EST) A U.S. bankruptcy judge entered a default judgment against the former CEO of mobile payments verification business Jumio Inc. on Wednesday, citing findings of prolonged game-playing and destruction or concealment of evidence sought in a Delaware Chapter 11 adversary suit.
Judge Brendan Linehan Shannon said in his opinion that the ruling against former CEO David Mattes was a penalty both severe and rarely invoked but nevertheless warranted. It followed a yearslong discovery saga in a case filed in 2017 by Jumio s liquidating trust. Those proceedings were said to have been marked by Mattes entering into and later abandoning settlements, failing to.