Small tidbit from the news wire. The family from the American Chopper television series have been sued for fraudulent transfers arising from the bankruptcy filing of their original business, O.C. Ironworks.
According to court papers, Paul Teutul Sr. transferred that business to Paul Teutul Jr. The business was called O.C. Iron Works. Paul Sr. continued to serve as a consultant.
Paul Jr. then sold the assets of the business to Orange County Ironworks LLC, which is owned by his brother, Daniel Teutul.
According to the complaint filed by Bankruptcy Trustee Tom Genova, the Teutuls systematically moved the equipment, employees, accounts and other assets of the steel fabrication business O.C. Iron Works to a new company, Orange County Ironworks LLC, but the new company didn’t pay fair compensation. The Teutuls then had O.C. Iron Works file for bankruptcy, leaving creditors out in the cold.
The complaint also names Orange County Ironworks LLC as a defendant.