Airline Sues George Soros For Fraud
Posted: 02 Nov 2010 09:00 AM PDT
A bad week for the financier of American progressive politics got a bit
worse. A North Carolina-based cargo airline claims George Soros and one of
his partners designed "an elaborate shall game intended to defraud," and are
using it to duck a $39.4 million judgment. The company, Tradewinds Holdings
a subsidiary of Coreolis Holding say they hold a legal judgment against C-S
Aviation Services, and seek to pierce the corporate veil to hold George
Soros and Purnendu Chatterjee responsible.
The saga began when Tradewinds, an air freight carrier, obtained an entry of
default against C-S Aviation in August 2004. C-S was once the world's
largest lessor of A300 aircraft, and had leased planes to Tradewinds. Four
years passed, and by then Tradewinds had been sold. Its new owners included
the General Retirement System of the City of Detroit and the Police and Fire
Retirement System of the City of Detroit.
According to <http://www.courthousenews.com/2010/11/01/31503.htm> the
plaintiffs, when Soros and Chatterjee entered the aviation financing
business in 1994.
"For this purpose they put in place a complex, multi-tiered corporate
structure designed to, inter alia, conceal Soros' participation in the
business, and ensure that the aircraft management company which actually
conducted the business and might therefore be sued in connection with its
conduct of the business, owned no aircraft and was otherwise judgment
proof," according to the federal complaint. "The entire business structure
was designed as an elaborate shell game intended to defraud and perpetrate
Geroge Soros? The guy who single-handedly brought down the Pound Sterling?
He would do such a thing?
While Chatterjee was officially the sole shareholder of the company, Soros
actually owned at least half the enterprise, "notwithstanding the
irregularity of defendant's failure to record Soros' interest through
ownership of stock," the complaint states.
They claim that that Soros and Chatterjee grossly undercapitalized C-S
Aviation for the purpose of defrauding creditors. Basically one of the
richest men in the world didn't give his company enough seed money (but he
needed the money to purchase the 2008 election!).
"In a further effort to defraud creditors, while simultaneously evading
Federal Aviation Administration regulations designed to safeguard national
security, defendants vested bare-bones legal titles to the aircraft which
they controlled through C-S Aviation, in Wells Fargo Bank Northwest,"
according to the complaintNevertheless, Coreolis clams, "All profits from
rental of the aircraft were up-streamed to the defendants." As a result,
"Wells Fargo never held any monies with which to satisfy a judgment and
appeared as a 'straw man 'in the underlying litigations."
Coreolis claims that Soros and Chatterjee "entirely ignored corporate
formalities, disregarding formal management structure, kept no minutes of
directors' meetings or other normal corporate records ... [while they]
freely comingled C-S Aviation funds with the funds of other companies they
But after 9/11 the aviation industry tanked, so the plaintiffs claim 2003
Soros and Chatterjee abandoned C-S Aviation and allowed creditors to obtain
default judgments against them, the plaintiffs say even then, Coreolis
claims, the defendants failed to wrap up the company's affairs in accordance
with the law
Coreolis claims Soros and Chatterjee stopped paying fees to Delaware, C-S-
Aviation's state of incorporation, and "hastily stripped" the company of its
officers, directors, employees, contracts and assets, which they now use in
the guise of a new corporation on Soros' premises. (which is similar to what
he wants to do with the US House after the mid-term elections.)
Coreolis claims this situation continued until July, when a North Carolina
court rendered the $39.4 million judgment against C-S Aviation. That's when
the man once convicted of
iction-of-george-soros-upheld/> insider trading sprung into action.
In response, Soros and Chatterjee paid the back fees they owed Delaware, to
bring the company back into good standing, a step necessary for them to move
that the court vacate its judgment. But the court declined to do so,
according to the complaint.
Coreolis claims that it can't collect its judgment because Soros and
Chatterjee have "abused the corporate form" and rendered C-S Aviation
They ask the Federal Court to pierce the corporate veil, declare Soros and
Chatterjee liable and enter judgment for the full amount of the North
Just one more look into the morality of the guy who bankrolls and controls
the progressive movement in the US. Maybe he should take some of that money
he recently gave Media Matters and NPR in an attempt to control the media
and use it to pay off his debt.
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Brooks Isoldi, editor
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