January 31, 2013
Kremen Fails to Prove Fraudulent Transfer
In Kremen v. Cohen, Kremen won a large judgment against Cohen for stealing Kremen's web domain sex.com. Kremen then sued Stephen Cohen's cousin, Michael Cohen, for fraudulent transfers received from Stephen after Stephen fled to Mexico to avoid payment of Kremen's $65 million judgment against him.
In that instance, Kremen loses to Michael Cohen on summary judgment. In his quest to prove that Michael Cohen fraudulently transferred money to his cousin, the court says that he cannot get past summary judgment because he failed to prove the two Mexican companies were Michael Cohen's alter ego.
See Jay Adkisson, Kremen Failure to Prove Fraudulent Transfer, Forbes, Jan. 19, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
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