In Ovations Holdings Inc. (INOH)

[Frayed Knot]

They were transferring assets From Brand FireSafety to Stonington Services in an effort to avoid paying back a loan.

Exactly! Wasn't that company "invented" just so the transfer could happen? That's what I thought I remembered reading. (I will re-read to be sure)

Again, it reminds me of stinky pinky companies like INOH, so I figured there was some involvement between Stonington and INOH.

UPDATE - I just read the lawsuit again, it was Stonington that was formed to have the assets transferred....The update confirms my thoughts on INOH and Stonington being involved.

In December 2004, Stonington Services, LLC (Stonington Services) was formed with XXXX as the sole owner. Subsequently, sixty percent of the interest was transferred to XXXX. XXXX and XXXX. are the current principals, with XXXX acting as the CEO and XXXX. acting as vice-president.

Count one of the second revised complaint alleges a cause of action for fraudulent transfer pursuant to General Statutes § 52-552e(a). Count two alleges a cause of action for common law fraudulent transfer.