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Corporations Keyed to Rhee
In re Phillips
Citation:139 P.3d 639 (Colo. 2006)
Prior to May 2000, debtor was the principal shareholder of Philsax, holding 51% of the outstanding shares. His wife, Margaret Phillips, owned the remaining 49% of the remaining shares. Debtor also owned 51% of Action Properties, Inc. At a March 8, 2000, special meeting of the board of directors of Philsax, Parcel B was transferred to Margaret Phillips and Action Properties. The Philsax board of directors held a second special meeting when debtor received $90,000 for the transfer of 2000 shares to Try Brackeen and 2000 to Troy Brackeen’s wife. Prior to these transfers, third parties sought and obtained a $135,000 civil judgment against debtor.
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