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Max Factor heir files for bankruptcy
Birmingham News ^
| 1/9/2004
| Associated Press
Posted on 01/09/2004 7:30:11 AM PST by Holly_P
VENTURA, Calif. (AP) -- The Max Factor cosmetics heir who was convicted of raping three women filed for bankruptcy protection after he was ordered to pay nearly $40 million to two victims.
Property records show that Andrew Luster, the 40-year-old great-grandson of cosmetics legend Max Factor, sold his beach house near Santa Barbara for $1,000 several days after he was caught in Mexico.
"That doesn't look like a sale to me," attorney Barry Novack, who won a $19 million verdict for one of the women, told the Los Angeles Times for its Friday's editions. Novack said it appeared Luster was trying to get rid of assets to avoid paying damages.
Luster is serving a 124-year state prison sentence in Soledad. The self-employed real estate investor filed for bankruptcy protection last month, stating in court documents that he had no assets.
He was convicted earlier this year of raping three women at his home by knocking them out with the drug GHB. He fled to Mexico during his Ventura County trial and was caught by a bounty hunter five months later.
Attorney Harold Greenberg, who represents Luster, said the women awarded damages would have to wait in line with other creditors.
TOPICS: Crime/Corruption; Culture/Society; Extended News
KEYWORDS: andrewluster; bankruptcy; maxfactor
1
posted on
01/09/2004 7:30:13 AM PST
by
Holly_P
To: Holly_P
I'm pretty sure that disposing of assets to evade paying a judgement is illegal in California. I hope the victims' lawyers go after him for every cent he has. I wonder who "bought" the house?
2
posted on
01/09/2004 7:40:45 AM PST
by
Vesuvian
To: Holly_P
What kind of man would sell off assets to avoid paying damages?
3
posted on
01/09/2004 7:41:30 AM PST
by
sarasota
To: All
Rank |
Location |
Receipts |
Donors/Avg |
Freepers/Avg |
Monthlies |
27 |
Mississippi |
260.00
|
4
|
65.00
|
106
|
2.45
|
50.00
|
4
|
Thanks for donating to Free Republic!
Move your locale up the leaderboard!
4
posted on
01/09/2004 7:41:59 AM PST
by
Support Free Republic
(If Woody had gone straight to the police, this would never have happened!)
To: Holly_P
The Max Factor is the Deadbeat Detractor.
5
posted on
01/09/2004 7:44:12 AM PST
by
goldstategop
(In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
To: sarasota
A psychopath who wants to plead poverty.
6
posted on
01/09/2004 7:44:43 AM PST
by
goldstategop
(In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
To: sarasota
124 years of jail and ordered to pay $40 million? What would be his penalty for murder?
7
posted on
01/09/2004 7:50:27 AM PST
by
Reeses
To: Vesuvian
I wonder who "bought" the house? Probably his lawyer.
8
posted on
01/09/2004 7:52:08 AM PST
by
Reeses
To: Reeses
They're not usually that obvious- look for the lawyer's wife or business associate. ; )
9
posted on
01/09/2004 7:58:38 AM PST
by
Vesuvian
To: Reeses
124 years of jail and ordered to pay $40 million? What would be his penalty for murder? In Massachusetts, released for time served, ordered to pay $ 5,000, and ordered to attend female issues sensitivity classes. Next case! *Bang*
To: Vesuvian
It's called "fradulent conveyance", and the bankruptcy judge has the right to rescind the sale, and bring the assets back into the estate..
11
posted on
01/09/2004 8:00:55 AM PST
by
ken5050
To: ken5050
Beat me to it. It doesn't matter whether it was sold to someone entirely unrelated, where fair value wasn't received.
To: lady lawyer
OTOh, it could turn out that the house is worth, say 1 mill, and encumbered with a $995,000 mortgage..I'm not a lawyer, just have some general knowledge of the process, but that's a technique that's used occasionally, and it is harder to reverse...what will be interesting in tis case is that if, as is reported, he's the beneficiary of several trusts, then can the trusts themselves be attacked?...
13
posted on
01/09/2004 8:15:01 AM PST
by
ken5050
To: Reeses
I wondered the same thing. Is it related to fleeing the country and going into hiding?
14
posted on
01/09/2004 8:30:18 AM PST
by
sarasota
To: pabianice; Reeses; sarasota
In Massachusetts, (penalty is) released for time served, ordered to pay $5,000, and ordered to attend female issues sensitivity classes. Next case! *Bang* That's called buying justice. The judge obviously had his price for "justice" and the defendant paid it.
15
posted on
01/09/2004 9:17:42 AM PST
by
Liz
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