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Creditor Goes to Court Against Neiman Marcus for ‘Fraudulent’ Asset Transfer

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Creditor Goes to Court Against Neiman Marcus for ‘Fraudulent’ Asset Transfer

Disgruntled creditor Marble Ridge Capital has filed a complaint in a Dallas court against the Neiman Marcus Group over the transfer of assets.
In its complaint, filed Monday in the District Court of Dallas County in Texas, Marble Ridge alleges “the fraudulent transfer of the MyTheresa assets to Ares Management and the Canada Pension Plan Investment Board for no consideration.”
“These assets have been placed beyond the reach of the company’s creditors in order to hinder and delay creditor recovery,” the complaint contends.
Marble Ridge also contends that Neiman Marcus is “insolvent” and has asked the court to appoint a receiver to address the issue of the transfer of about $1 billion of assets to Ares and the CPPIB, owners of the Neiman Marcus Group.
The complaint seeks in excess of $1 million in relief.
Neiman Marcus Group quickly and strongly responded to the accusations on Monday, firing back, “For the last three months, Marble Ridge has made numerous false statements in the press and has repeated them in this complaint. The company will defend itself vigorously against these false allegations. Neiman Marcus is not and has never been in default, and is in full compliance with the terms of its debt agreements.”
The Dallas-based luxury

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