Former Lehman Chairman May Face Creditor Heat Over $10 Deal
Richard Fuld, ex-chairman of Lehman Brothers Holdings, "sold" his oceanfront Jupiter Island, Fla., mansion to his wife for $10. But he may have made himself vulnerable to more trouble as the investment bank's massive bankruptcy case unfolds. Under Florida's Uniform Fraudulent Transfer Act, prospective creditors could contend the transfer was intended to avoid repaying them, say bankruptcy attorneys. In March 2004, the couple paid $13.75 million for the property, which is now assessed at $13.3 million.
