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Thread: 'Dirty' Deeding

  1. #1
    Bronze Member michaelchance's Avatar
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    Aug 2008

    Default 'Dirty' Deeding


    Disgraced Lehman Brothers CEO Dick Fuld isn't the only embattled corporate bigwig to pass off a pricey house to his spouse - Chrysler CEO Robert Nardelli and ousted Merrill Lynch chief Stanley O'Neal did it, too, property records show.

    Nardelli, head of Detroit's flailing No. 3 automaker, transferred a $3.8 million, four-bedroom, five-bath Los Angeles spread to his wife, Susan, on Jan. 17, 2008, according to deed records filed in Los Angeles County and recorded with the Assessor's Office on Feb. 5, 2008.

    The record lists Robert Nardelli as the seller, but strangely identifies him as a married woman. It lists Susan Nardelli as the buyer and describes the sale as an "interfamily transfer and dissolution."

    A spokeswoman for Nardelli early today insisted the records were incorrect and no transfer took place.

    O'Neal - booted from Merrill in late 2007 with a $161 million golden parachute - deeded a $4.5 million Westchester manse to his wife, Nancy Garvey, that December, records show. O'Neal also handed over a $20 million Park Avenue duplex to Garvey.

    A source close to O'Neal has said the exec's property transfers are part of "an estate-planning process drawn up years ago."

    Tax lawyer Gary Botwinick told The Post, "There are a couple scenarios in which you might transfer a deed to a spouse. It's not uncommon to do it for estate planning or estate-tax purposes. You also might - if you are concerned about potential legal action - move it for creditor protection purposes."

    Fuld sparked outrage last month with news that he transferred his $13 million Florida waterfront mansion to his wife, Kathleen, for $100. They had been joint owners since 2004.

    The handoff by Fuld - who got $22 million in retirement compensation after running the bank into the ground - was seen by some as a pre-emptive move to protect his assets from potential creditors.

    "If the transfer is made before there's any potential [legal] claim, you're OK," Botwinick said. "If it's a subsequent transfer, you run the risk of it potentially being a fraudulent conveyance."

    Fuld has been named in a suit in California. O'Neal has been named in suits against Merrill.

    Public records show the Nardelli family bought a 4,550-square-foot Laurel Canyon home with his wife in 2007 - the year he resigned under shareholder pressure as CEO of Home Depot with a $210 million severance deal.

    In 2007 and 2008, Nardelli was named in suits filed by Home Depot shareholders and employees. He and his wife still jointly own an $8.4 million Atlanta home, records show.

    Property records reviewed by The Post also show that Fuld and his wife continue shared ownership of their $21 million Park Avenue apartment and a $9 million Greenwich, Conn., home. He also has 30 acres of Idaho property, worth at least $7 million, in a trust in his name, records show.

    Lori McTavish, Nardelli's spokeswoman, said, "The documents obtained by the New York Post reflect several inaccuracies. Mr. Nardelli's name was never on the deed. Therefore, a transfer of the property did not take place.

    "Any suggestion of impropriety is completely unfounded and inappropriate."
    'DIRTY' DEEDING - New York Post

    Hopefully I've put this in the right section...

  2. #2
    Elite Member Brookie's Avatar
    Join Date
    Feb 2008
    In the "D"


    The guy's name is Dick Fuld? WTH kind of a name is Dick Fuld? It sounds like a penile rotting disease.

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