More on Liberty Rehabilitation v. Waide
In late December, I reported on
the jury verdict in Liberty
Rehabilitation v Waide, wherein a jury determined that the majority
shareholder of a corporation had breached his fiduciary duties by using company
assets for personal obligations, including (in violation of the
Campaign-Finance Rules) financing his own re-election bid to the Kentucky
General Assembly. HERE IS A LINK
to that posting.
When I wrote that initial
posting, I was unaware whether an appeal had been filed. I have since learned that (a) no appeal was
filed and (b) the defendant Waide, undoubtedly in an effort to avoid having to
satisfy the judgment, has filed for personal bankruptcy.
One question will now be
whether a breach of fiduciary duty such as was here found to have taken place
will constitute such a defalcation of fiduciary duties to preclude discharge in
bankruptcy.
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