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Cigna Bankruptcy: Loan from Laura's Private Foundation Raises Questions

Following the bankruptcy of the former real estate empire Signa, billions of claims have evaporated. The liquidator of Signa Holding, Christoph Stapf, is currently challenging in court the “questionable” loan granted to Signa Holding by the private Laura Foundation to the company's founder René Bencou and his mother Ingeborg shortly before it filed for insolvency. The “Kurier” newspaper (Thursday edition) reports that it concerns millions of euros.

About six weeks before the bankruptcy filing in November 2023, the holding company received the amount from Laura's private foundation. There are also said to be discrepancies in the affected company's shares. By carrying out the cancellation procedure, Stapf wants to ensure that the legal transaction is ineffective, in addition to compensating for the damages.

“An unfavorable legal transaction immediately approaches bankruptcy.”

Stapf accuses the private foundation of having “immediately concluded an unfavorable legal deal, which was very close to the bankruptcy of Signa Holding,” according to the Corriere. In his opinion, the loan was completely unnecessary, since the foundation would have effectively given Signa Holding a current account line of credit of 50 million euros until the end of 2025, “which could be fully used.”

There are further contradictions: “In this context, it is also important that the loan was transferred to (Signa) Sport Scheck in Germany immediately after it was received by Signa Holding, due to the (bad) economic situation in Germany.” “At the time, Signa Holding and the subsidiary Sport Scheck could no longer be justified,” the Stapf further stated.