A Harvard governing board is defending its $252.9 million claim in the bankruptcy of biologics developer Alachua Government Services Inc., arguing that the company conducted transactions to evade lease obligations and defraud landlords.
The company’s coordinated transactions and a lease assignment to a non-bankrupt affiliate were a central step in a broader liability-management strategy aimed at isolating lease obligations, Harvard Corp. said in a March 5 filing in the US Bankruptcy Court for the District of Delaware.
Harvard Corp., known as the President and Fellows of Harvard College, is the smaller of Harvard’s two governing boards.
Alachua, which went bankrupt ...