A bankruptcy trust for Instant Brands creditors sued Cornell Capital LLC and others tied to the private equity firm for allegedly concealing the company’s financial weaknesses from lenders to finance a $345 million dividend.
The bankrupt estate for Instant Brands, previously known for manufacturing the Instant Pot and other popular kitchen brands like Pyrex, filed its complaint Wednesday in the US Bankruptcy Court for the Southern District of Texas against a host of parties that allegedly defrauded company lenders.
The private equity firm and its portfolio company repeatedly misstated and omitted important facts about the actual value of Instant Brands ...
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