American Workers Insurance Services Seeks to Recover About $2M As Alleged Fraudulent Conveyances
October 14, 2021, Northern District of Texas – Plaintiffs American Workers Insurance Services, Inc. and Association Health Care Management, Inc. (“Plaintiffs” or “Debtors”), brings a lawsuit to avoid and recover certain transfers under 11 U.S.C. §§ 548 and 550 and to disallow claims against Defendants David Lindsey and Libe K. Hodak under § 502 of the Bankruptcy Code.
The complaint states that the Debtors made transfers worth $2,056,251.00 for the benefit of the Defendants within a year before the petition date. The Debtors allege that the funds were transfers of interests of the Debtors in their property and that they “received no value or less than reasonably equivalent value in exchange” for the contended transfers. Accordingly, the Debtor sought to avoid these prepetition transfers of funds to the Defendants as “fraudulent conveyances”.