On Friday, a jury in U.S. District Court in Little Rock, Ark., found that the transfer of Equity Media Holdings Corp.’s Retro Television Network to Equity’s Chairman-CEO, Henry Luken, for $18.5 million “was a constructively fraudulent transfer,” as alleged by Equity’s bankruptcy trustee. The jury awarded $47.4 million to the bankruptcy trustee. Luken Communications LLC turned around and on Sunday filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Chattanooga.
Equity Media Holdings Corp.
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