Golf Channel Inc. is liable to R. Allen Stanford receiver Ralph Janvey for the $5.9 million it was paid by the convicted fraudster to advertise his multi-billion dollar Ponzi scheme, the U.S. Court of Appeals for the Fifth Circuit concluded March 11 (Janvey v. Golf Channel Inc., 2015 BL 65727, 5th Cir., 13-11305, 3/11/15).
Reversing the lower court, Judge Jennifer Walker Elrod said Golf Channel didn’t show that its services “provided reasonably equivalent value from the standpoint of Stanford’s creditors” for Texas Uniform Fraudulent Transfer Act (TUFTA) purposes.
Voidable Transfers.
The court said that according to the undisputed ...
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