Daily News: May 29, 2014

Chapter 11 Trustee to Control TelexFree

The Wall Street Journal reported that a Massachusetts bankruptcy judge signaled he will move quickly to appoint a Chapter 11 trustee to take control of TelexFree, which faces accusations of operating a $1 billion-plus pyramid scheme.

A lawyer for TelexFree stated that the company wouldn’t object to the trustee’s appointment, according to the article.

To read the entire WSJ story (subscription required),

Previously on abfjournal: A&M Advises TelexFREE in Chapter 11 Restructuring, April 15, 2014