Eagle Accuses Former Shareholders Of Illegally Transferring Assets

(October 20, 2016, 10:58 AM EDT) -- NEW ORLEANS — Former gasket and insulation distributor Eagle Inc. filed a six-count adversary action in its Chapter 11 case Sept. 21 in federal bankruptcy court, alleging that four members of a Louisiana family fraudulently transferred Eagle’s noninsurance assets to companies the family created with full knowledge that Eagle faced liability for thousands of asbestos personal injury claims (In re:  Eagle, Inc., No. 15-12437, [Eagle, Inc. v. Fred J. Schuber, III, et al., No. 2:16-ap-1040], E.D. La. Bkcy.).

(Complaint available.  Document #48-161028-021C.)

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