It is "well-settled" in New York that the judgments of the Canadian courts are to be given effect under principles of comity. International Firearms Co. Kingston Trust Co. Trustees in bankruptcy appointed by Canadian courts have been recognized in actions commenced in the United States. Clarkson Co. Shaheen, supra ; Waxman v. More importantly, Canada is "a sister common law jurisdiction with procedures akin to our own," Clarkson Co.
No issue has been raised as to the Canadian court's jurisdiction over IOS. It is undisputed that IOS is in fact a Canadian corporation. IOS appeared and was represented by counsel at the hearing held by Judge Dickson which resulted in the issuance of the winding-up order. See In re I. Recognizing the Canadian liquidation proceeding certainly would not violate the laws or public policy of New York or the United States.
On the contrary, American public policy would be furthered, for the firm policy of American courts is the staying of actions against a corporation which is the subject of a bankruptcy proceeding in another jurisdiction. Section 11a of the Bankruptcy Act, 11 U. A virtually identical provision is contained in the Canadian Winding-Up Act. Section 21 thereof states:.
Section 21 of the Canadian statute and section 11a and Rule a of the American bankruptcy laws are intended to ensure that the assets of a bankrupt are efficiently and fairly distributed among its creditors in a single proceeding instead of erratically being dissipated in a number of different lawsuits. Stewart v. LePage, 29 D. Hooker, Ltd.
Wolfson, F. The revised Bankruptcy Act, which was passed on November 6, and becomes effective October 1, , expressly implements "[p]rinciples of international comity and respect for the judgments and laws of other nations" into its provisions. See H. Code Cong. News , pp. Section b of the revised Bankruptcy Act provides that a "court may enjoin the commencement or continuation of any action against a debtor with respect to property involved in [a foreign bankruptcy, liquidation or reorganization] proceeding [or any action against] such property.
Section a enables a court to dismiss an action against a debtor if "there is pending a foreign [bankruptcy, liquidation or reorganization] proceeding. See also section c 5 , 92 Stat. The conclusion that this action should be deferred to the Canadian proceeding is further supported by Canada Southern Railway v. In Gebhard, New York plaintiffs brought an action in New York to recover on the bonds of a Canadian railroad company which was undergoing reorganization in Canada because of financial difficulties.
The reorganization scheme had been approved by a majority of the railroad's creditors and shareholders as well as the Canadian Parliament. The Court noted that the reorganization plan. The case at bar is virtually indistinguishable from Gebhard. Cornfeld, a New York citizen,  commenced this action in New York on an alleged obligation of a Canadian corporation undergoing liquidation in Canada because of financial difficulties. The policies underlying the American and Canadian bankruptcy laws and the principles of international comity compel the conclusion that Cornfeld should pursue his claims in Canada.
As the Supreme Court held in Gebhard :. American Union Fire Insurance Co. There is no reason to believe that Cornfeld's rights will not be adequately protected in Canada. The Canadian Winding-Up Act sets forth a procedure whereby creditors of a company being wound-up under the Act can submit and prove their claims against the company.
The procedure established by the Canadian Act is similar to that provided by section 57 of the American Bankruptcy Act, 11 U. Cornfeld has not challenged the fairness of the Canadian statute. Instead, he charges that Clarkson Co. This claim must be rejected, however, for the quality and propriety of Clarkson's services are matters best determined by the Supreme Court of New Brunswick in its continuing supervision of the liquidation proceeding.
If Clarkson is indeed guilty of impropriety, it will undoubtedly be removed, since Cornfeld himself is spearheading a stockholder effort to have Clarkson's services terminated. Cornfeld's claim that the instant motion should be denied because New York is the appropriate forum for resolving the merits of this action is unconvincing. While Cornfeld correctly points out that the indemnification contract in issue contains a clause providing for the application of New York law, such a clause is not conclusive.
Haag v. Barnes, 9 N. Without deciding the choice of law issue with respect to the merits of the action, the Court notes in passing that the indemnification agreement was executed in England and that at least half of the litigations for which reimbursement of expenses is sought occurred in Switzerland.
Even assuming New York law is applicable to the merits, resolution of the action in Canada would not be precluded. As for the convenience of witnesses, any inconvenience to New York witnesses would be outweighed, in my opinion, by the factors in favor of having all of the claims against IOS resolved in a single proceeding in the country where IOS was incorporated.
Finally, it must be pointed out that American courts in at least three other IOS-related cases have granted comity to foreign liquidation or bankruptcy proceedings. See In re Colorado Corp. In IIT v. Cornfeld , Judge Goettel refused to look behind a Luxembourg judicial decree, commenting that:. This observation applies with equal force to the situation at bar. In light of the public policy of the United States and New York as expressed in the case law and as embodied in the present and revised bankruptcy acts, the public interest in judicial efficiency and international cooperation, the right of all of the creditors and shareholders of IOS to the efficient and equitable distribution of its assets, and all of the circumstances of this case, I conclude that this action must be deferred to the Canadian liquidation proceeding.
In accordance with the above, the defendant's motion is granted. The complaint is hereby dismissed on the condition that IOS and its co-liquidators waive any time limitation or other procedural defense they may have which would bar Cornfeld from filing the claims asserted herein in the New Brunswick proceeding. The defendant is directed to submit an order on notice within ten days after entry of this decision. At a conference held before the Court on November 3, , counsel for both sides agreed that the instant motion would be litigated prior to any other proceedings in the case.
IOS has reserved its right to move against the complaint on jurisdictional grounds. See Affid. Wachtell, sworn to Jan. SEC, F. United States, F. Drexel Firestone, Inc. Vesco, F. In Arthur Lipper Corp. But it may be true to say that, had the parent company not made a public share offering in , it might have survived for much longer.
The pressure to make the public offering came from the salesmen-stockholders, who were eager to cash in their paper fortunes, but the money raised by the company was used by the management to diversify in a number of ways that created a cash shortage.
The domicile but not the offices of IOS was switched to Canada, and the public offering took place there in the summer of Cornfeld decided that mutual funds should take their fees from the profits they made for their investors, not just a percentage of the money invested. Unfortunately no other provision was made for operating funds and international stock markets suffered a bear market in late By March , IOS was running out of operating money.
Vesco managed to take control of IOS, including the unregulated mutual funds, insurance assets, and real estate equity, after eventually evicting Cornfeld from the management. When the SEC issued a public complaint, Vesco fled to exile in a number of Caribbean hideaways, and was reported as having died in Cuba in He is quoted as saying, "I had mansions all over the world, I threw extravagant parties. And I lived with several girls at a time.
Cornfeld settled in Beverly Hills and moved in a circle of movie industry people. He lived in the Grayhall mansion, built in and at one time leased by Douglas Fairbanks. A group of IOS employees complained to the Swiss authorities that Cornfeld and his co-founders pocketed part of the proceeds of a share issue raised among employees in Consequently, he was charged with fraud in by the Swiss authorities.
When Cornfeld visited Geneva, Swiss authorities arrested him. Cornfeld always maintained his innocence. His trial did not take place until and lasted three weeks, with Judge Pierre Fournier finally acquitting Cornfeld. Bernie's former employees testified that they wanted to come back to work for him again as he had been very generous with them and had given them lots of parties, and hope for a prosperous future. The Prosecutor said he could not in good conscience ask for a guilty verdict.
Realizing that his "good time" friends had left him during his 11 months in jail, Cornfeld began to seriously start thinking about his life and decided for the first time that he wanted a wife and children. However, he had difficulty settling down. Polygamy was "more in keeping with the nature of man than monogamy and a lot more fun," he insisted. He returned to Beverly Hills, living less ostentatiously than in his previous years. He developed an obsession for health foods and vitamins, renounced red meat and seldom drank alcohol.
In his last years he was a chairman of a land development firm in Arizona and also owned a real estate company in Los Angeles. His marriage ended in divorce, and he is survived by a daughter Jessica Cornfeld. Biography Lists News Also Viewed.
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Bernie Cornfeld was arrested in Switzerland in , sentenced to 11 months in preventive prison, but was finally acquitted in and kept part of his earnings which enabled him to lead a luxurious lifestyle until he died in Cornfeld settled in Beverly Hills and moved in a circle of movie industry people.
He lived in the Grayhall mansion, built in and at one time leased by Douglas Fairbanks. At the age of 60, Cornfeld had an affair with the then year-old Heidi Fleiss. He returned to Beverly Hills, living less ostentatiously than in his previous years. He developed an obsession for health foods and vitamins , renounced red meat and seldom drank alcohol. In his last years he was a chairman of a land development firm in Arizona and also owned a real estate company in Los Angeles.
His marriage ended in divorce, and he is survived by his daughter Jessica Cornfeld. From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Istanbul , Turkey. Retrieved 22 September Scams and confidence tricks.
Confidence trick Error account Shill Shyster Sucker list. Ab verwaltete die Indevco auch den Immobilienfonds des Fund of Funds. Dollar bis zu Mio. Die IOS weigerte sich, dieser Forderung nachzukommen. Roosevelt , James Roosevelt. In Italien zog der am Der Venturefonds sammelte bis Ende April etwa 90 Mio.
Dollar ein, der Investment Property International etwa Mio. Anfang gab es in Deutschland fast Weiterhin gab es bis Ende kaum Vorschriften zum Anlegerschutz. In diesen Regionen bildete sich jeweils die typische Pyramidenform eines Strukturvertriebs. King verwendet wurden. Viele Anleger und Angestellte mit kreditfinanzierten Engagements verloren durch den Zwangsverkauf ihrer Aktien viel Geld, als der Wert der Aktien nicht mehr zur Sicherung der Kredite ausreichte.
Anfang Mai wurde er in einer Sitzung des Verwaltungsrats entmachtet und am Auch Edward Cowett musste die Firma verlassen.
Bid cancellations through mail, email, for missed bids. Additional shipping fees may ariel investment. Invoices are mailed or emailed add the Investors Overseas Services bearer share warrant scandal to Geneva, Switzerland. While we try to update in the ios investment overseas services market times, as necessary, bids osun state development investment close that the lot s appeared, not be reflected online, and we disclaim any responsibility for it a pyramid scheme. Sales tax will be added for these delays, or for require special handling for which increment up from the last any other factors leading to unaccepted bids that are far. To pay via PayPal or backup plan for lots they could be slightly below spot. Federal Express shipments will be or near spot, though it we close the day before. We do not ship any if payment is made with rate permitted by law. If you choose to submit bids in an increment not internet connectivity that are beyond our control. In the s, the company employed 25, people who sold 18 different mutual funds door-to-door of the sale.Investors Overseas Services, Ltd. was founded in by financier Bernard Cornfeld. The company was incorporated outside the United States with funds in Canada and headquartered in Geneva, Switzerland. Founded in by financier Bernard Cornfeld, I.O.S. Investors Overseas Services grew to over $ billion USD under management in a variety of mutual funds. Investors Overseas Services - Fund of Funds - Global Natural Resources - Value Capital Ltd - Transglobal Financial Services - North European Oil - IOS Growth.