MONTREAL, June 22, 2012 /CNW Telbec/ - The purchase of three Los Angeles
properties that belong to Georges Marciano, worth a total of over $40
million, will be challenged following appeals submitted by the founder
of Guess Jeans.
Three judges at the California Court of Appeal reversed the judgment of
the trial judge, Elizabeth White, ruling the damages obtained by Gary
Iskowitz, Mr. Marciano's former accountant, to be excessive. The
situation is likely to be the same for all the other trial judgments
rendered in the cases of Fahs et al. These appeals will be heard in the
coming months. If the appeals are successful, the reversal of the
judgments will, for all practical purposes, nullify the reason for the
forced sale of Mr. Marciano's properties.
Mr. Marciano also intends to appeal any court-approved sales of the
properties and will seek an order to prevent the sales from being
It will be recalled that on December 8, 2011, the Honourable Mark
Schrager of the Superior Court of Quebec rejected the warrant and the
authorization to seize assets belonging to Georges Marciano and to
third parties. In his decision, the Honourable Justice Schrager pointed
out that the decisions made in California were not final, as they were
still before the Court of Appeal, and that no bankruptcy had been filed
under the Bankruptcy and Insolvency Act. As such, he ordered the
American trustee David Gottlieb to return to Mr. Marciano and to the
third parties involved all assets seized before judgment (artworks,
luxury vehicles, buildings, jewellery, etc.).
SOURCE ENIGMA COMMUNICATIONS INC.
For further information:
Phone: 514 982-0308, ext. 207
Pager: 514 221-2604