May 24, 1991
FundAmerica, the controversial Irvine consumer marketing company, is scheduled to be liquidated today. A federal bankruptcy judge is holding a public auction this morning to sell most of the firm's remaining assets, including its trademarks, copyrights, membership lists and the right to use the FundAmerica name. The bankruptcy trustee operating the company said Thursday that the only sure bidder was a new California company, FundGold Inc.
August 15, 1990 |
FundAmerica filed papers Tuesday in U.S. District Court in San Francisco giving a required 24-hour notice that it intends to seek protection from creditors in a Chapter 11 bankruptcy reorganization. Also Tuesday, attorneys in a $150-million, class-action lawsuit against the beleaguered Irvine marketing company asked a judge in San Francisco to instead put FundAmerica into receivership. U.S.
May 15, 1991 |
FundAmerica, the controversial Irvine consumer marketing company, will be liquidated and most of its remaining assets sold at a public auction later this month, it was decided in bankruptcy court Tuesday in Santa Ana. The company's Chapter 11 bankruptcy trustee said he has already received a $1-million offer from a Canadian company controlled by the attorney for FundAmerica founder Robert T. Edwards.
August 4, 1990 |
The new head of beleaguered FundAmerica Inc. said Friday that a review of the firm's books revealed that company founder Robert T. Edwards was paid $5.4 million thus far this year and that he mysteriously wired $11.3 million to two foreign entities. Howard Ruff, named FundAmerica's chairman and chief executive this week, said Edwards' pay "blew me away." "That's several times more than the CEOs in most Fortune 500 companies" earn, Ruff said.
August 7, 1990 |
FundAmerica Inc. has fired Howard Ruff as president and chief executive just a week after he joined the troubled firm, and a company source said Monday that it may seek protection from its creditors with a Chapter 11 bankruptcy filing as early as today. Ruff, the nationally known investment guru who last week heralded his appointment as the "rebirth and resurrection" of the company, said he was fired late Sunday at the behest of shareholders who are friends of FundAmerica founder Robert T.
August 30, 1990 |
The Florida judge presiding over a criminal case against FundAmerica founder Robert T. Edwards ordered the Newport Beach resident to surrender his passport Wednesday but denied the prosecution's request to increase his $1-million bail. Edwards is facing charges of organized fraud, securities fraud and running an illegal lottery or pyramid scheme in Florida. Authorities claim that FundAmerica bilked consumers out of $8.2 million. If convicted, Edwards could receive 65 years in jail.