Saturday 16 June 2012

Wallpaper Designs

Wallpaper Designs Biography

Paul is a named defendant in a 2007 lawsuit alleging fraud, brought on behalf of Turner Construction (Paul Sr. and his brother Daniel are also named).^[2] This dates back to 2003 and a ruling in favor of Turner in 2005^[3] concerning the original OC Iron Works company. It is alleged that assets were stripped from the OC Ironworks, transferring the viable assets, contracts and personnel to a new company OC Ironworks LLC, before bankrupting the former. This involved transferring the ownership to Paul Jr. and allegedly selling the assets with unfair compensation to the new company. Trustee Tom Genova filed fraud complaints in 2007 with the Bankruptcy Court and in complaint sought to have the transfers from the old company to the new company judged fraudulent and set aside. He also sought to make the new company liable for the old company's debts. A proposed settlement was reached with Orange County LLC paying out $500,000 to Genova to be distributed to the creditors.^[4]

On February 16, 2011, it was seen on the New York State Unified Court System's website,^[5] that the Teutul v Teutul civil action is no longer active. The case has been "Disposed", meaning the case is out of the court system. On the August 29, 2011, episode, Paul Jr and Paul Sr settled the lawsuit with Paul Sr's purchase of Paul Jr's 20% share in OCC ending the lawsuit. The pair shook hands with Paul Sr telling Paul Jr he hoped that now there could be a healthy level of competition between Paul Jr. Designs and OCC.

Wallpaper Designs