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The XFL's unsecured creditors are objecting to the proposed $15M sale to The Rock because it includes the assignment of all claims belonging to the XFL. There are over $61M in potentially voidable transfers, such as payments made to insiders (including $1.2M to Vince McMahon).
Other potentially voidable transfers include a $5M payment to Raine Advisors LLC during the preference period (90-day period prior to bankruptcy) to satisfy an obligation on which Vince McMahon was jointly liable. If the sale is approved, McMahon would be released from this debt.
"The Committee has identified substantial potential causes of action against insiders, including millions of dollars in payments made within the 1-year insider preference period, and questionable loan transactions within the days and weeks leading up to the bankruptcy."
