With Yacht Stuck in France, $37 Million Keeps Tycoon From Jail

A $37 million wire transfer will, for now, serve as a substitute for a 150-foot luxury yacht tied to exiled Chinese businessman Guo Wengui, saving him from the threat of jail time.

The boat, called Lady May, is currently undergoing maintenance off the coast of France, where it’s stuck until June at the earliest. That’s a problem for Guo: the businessman has been ordered by a New York judge to bring the vessel back to U.S. waters, where debt collectors can access it. The businessman got a $30 million loan from a fund in 2008, which according to ...