Trustee Robert C. Furr Demands $1 Million From OptimumBank in Alleged Fraudulent Transfers

January 28, 2022, Southern District of Florida – Plaintiff Trustee Robert C. Furr of the bankruptcy estate of Debtor Chance & Anthem, LLC and substantively Consolidated Debtors, Sovereign Gaming & Entertainment, LLC; Florida’s Association of Community Banks and Credit Unions, Inc. (FLACC); and Sympatico Equine Rescue, Inc. sues Defendant OptimumBank to avoid and recover alleged fraudulent transfer in the aggregate amount of $1,000,000.00 pursuant to Sections 544, 548, and 550 of Title 11 of the Bankruptcy Code and Chapter 726 of the Florida Statutes.

The Trustee argues that OB Real Estate Holdings (OB SPV) allegedly was a special purpose vehicle incorporated and controlled by Defendant. The Trustee further contends that Defendant allegedly sold its shares in OB SPV to William Siskind in exchange for payment of One-Million ($1,000,000.00) dollars, which was allegedly paid by FLACC, who used the cash it obtained from Sovereign Gaming to pay for the purchase price.

Specifically, the Trustee claims that the Consolidated Debtors FLACC & Sovereign Gaming allegedly paid $1 Million to OptimumBank without receiving any consideration or reasonably equivalent value in connection with the transaction. The complaint further argues that the transfer of $1 Million allegedly constitutes the transfer of an interest in property of the Consolidated Debtors to Defendant and accordingly, demands judgment against Defendant for the avoidance of the alleged transfer under federal and state laws.

In re Chance & Anthem, LLC, Case 22-01031-MAM.

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