Local
NXIVM sisters win big in lawsuit
Posted by: KC Orcutt
Published on: July 17th, 2012 at 1:00 PM
What's Your Take?
As reported by the Times Union, a federal judge has ordered that a former business associate of NXIVM pay more than $3 million to Sara and Clare Bronfman, who are heirs to the Seagram’s fortune and also major backers of the company.
The sisters sued Joseph O’Hara, whom they loaned $2 million to back in 2004. O’Hara is an attorney who once owned a downtown bar called Broadway Joes, as well as Albany teams in the Arena Football League and the Continental Basketball Association. O’Hara and the sisters have not gotten along since O’Hara left NXIVM in 2005, accusing the company of misdeeds.
According to court papers, the money owed relates to a deal relating to real estate in New Baltimore and Saratoga Springs.
The judge’s order also dissolves a 2007 settlement where the sisters claimed O’Hara violated the terms, where O’Hara owed $200,000 and had to transfer property deeds to one of the sisters.
O’Hara filed for personal bankruptcy in June 2008, as did his two businesses, but his bankruptcy was dismissed, although he has appealed the decision.
The ruling in the case is worth about $1.6 million, including interest, to each Bronfman.
What do you think about the lawsuit and NXIVM? Do you find the happenings of the company to be interesting? Do you think the sisters really need another 3.2 million?
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Lathamguy
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Silence
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whatever
