Would-Be Everton Owner 777 Partners Faces Lawsuit Over Asset Transfers
- 777 Partners is sued by Obra Capital in New York court
- Obra Capital seeks to block transfer of assets to Pasko
Beto of Everton celebrates scoring his team's first goal during a match on March 2.
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The investment manager trying to buy Everton FC is being sued by a creditor who wants to stop the firm from transferring two subsidiaries, claiming that the transaction was designed to “shield” the assets.
Obra Capital said in a New York lawsuit Thursday that 777 Partners LLC, which agreed in September to buy 94.1% of the Premier League soccer club, attempted to transfer the two “cash rich” units in order to avoid repaying its debts. Obra said that 777 transferred Sutton Specialty Insurance Co. and Sutton National Insurance Co. to co-founder Steve Pasko “for no consideration.”