INDIANAPOLIS: An Indianapolis businessman sued by the bankruptcy trustee for Ohio-based Fair Finance Co. has agreed to pay $125,000 to settle that suit.
The Indianapolis Business Journal reports trustee Brian Bash’s attorneys said in a court filing last week that Stephen Blaising has agreed to pay the $125,000 in installments by May 2015. Blaising is co-founder of Atlanta-based Brain Surgery Worldwide Inc., which has an Indianapolis office.
Bash claimed Blaising received nearly $229,000 from former Fair Finance co-owner Tim Durham in 2007 for his repurchase of Blaising’s shares in Durham’s leveraged-buyout firm, Obsidian Capital Partners LP. Bash’s suit claimed the exchange constituted avoidable transfers under Indiana law.
Durham was convicted last year of defrauding Akron, Ohio-based Fair Finance investors of $200 million. He was sentenced to 50 years in prison.