Someone is transferring money to himself that belongs to the creditors. A fraudulent scheme.
Well not so fast.. To get them as a fraudulent scheme: you actually need proof beyond a reasonable doubt every single one of the elements required for fraud. If any of the following elements doesn't exist or If there is one of these you cannot prove, then there is no fraud.
1. A false statement is made, or a false representation is made regarding a material fact (Which may also be in the form of omitting or hiding information that would be important to the other party, such as knowledge an item you are selling contains a defect).
2. Knowledge of its falsity at the time the false statement was made.
3. A deliberate intention to deceive a victim and to profit from deception at the expense of that victim.
4. Justifiable reliance by the victim. In other words it has to be representations the victim has a right to rely upon regarding a transaction and does actually believe and rely upon.
5. Damages to the victim. You've got to prove the victim has substantive losses, otherwise it doesn't meet the bar for fraud. Generally there is some type of threshold set by the law, and if the amount is under $1000, then you need not bother.
This is a lot easier for a bank to do than for a consumer to do, since before a bank was willing to lend you a dime: you would have been required to sign a contract in writing which includes a number of representations and warranties by the borrower. Some of your representations are regarding a source of income to repay the loan; some of them will be about your intention to repay, and some of them will be about the asset itself.
In case your "Straw man company" decides to take out credit.. the bank is going to scrutinize them heavily, and some of the documents you sign will get them specific security interests on the company's assets specifically restricting such shenanigans.
However, with a company like this.. There will not be a stack of papers management had to sign warranting their future business plans and preventing them from dispensing with their assets however they like.
It's going to be basically impossible to prove that at the time some retailers did a Lifetime service promotion the company had any intention of failing to honor it. The fact that they undermine their business doesn't turn it into a fraud, unless the company's management had planned it that way all along.
As for the character of the asset transfers themselves - Since it has occurred more than two years ago; most likely any statute of limitations on fraudulent transfers has lapsed.
Their business continuing to operate for 2 years after the acquisition would very strongly suggest they didn't deliberately undercapitalize its operations. The likelihood of a court piercing the corporate veil in that case would be extremely low.