Sav. The plaintiff does not dispute that the amended complaint does not plead actual fraud, and it clearly does not. The parties are in agreement that New York and South Carolina law regarding negligent misrepresentations are substantially similar and that as a result, the Court is not required to engage in a choice of law analysis as to the third cause of action. Litigation. An outside law firm will assist with the probe to determine the validity of these reports, which allege behavior that is not only shocking but completely inconsistent with our corporate values and standards., Family calls complaint pure fiction intended as a shakedown, Dawson steps away from firm to spend time with his family. Flipbooks. R. Civ. A former employee of Wellspring Capital Management filed a lawsuit in a New York Thursday alleging that the CEO's son, Christopher Dawson, drugged and repeatedly raped her one night in the. Wellsprings objective is to bring partnership, experience and value creation to each investment. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. D.S.C. . WELLSPRING CAPITAL MANAGEMENT ( CRD # 135455/SEC#:801-64341 ) WELLSPRING CAPITAL MANAGEMENT, WELLSPRING CAPITAL MANAGEMENT, INC. View latest Form ADV filed Part 2 Brochures. The Partners of Wellspring constitute a long-tenured team, having worked together an average of 15 years over three funds. W.D. The legal team representing former President Donald Trump formally has requested a six-month delay in the civil case filed against him by New York Attorney General Letitia James. The seller, PE outfit Levine Leichtman Capital Partners, purchased the company in 2015. 93], and Bradley Johnson [Docket No. The December 26, 2017 email stated, "So you will waive [your interest payments]. (quoting Bell Atl. "[F]or purposes of Rule 12(b)(6), '[the court is] not required to accept as true the legal conclusions set forth in a plaintiff's complaint.'" Wellspring Capital Management, LLC; Wellspring Cap. The February 20, 2018 stated, "You're [sic] economics are going down and the risk of chapter is going up. Jan. 25, 2016) (alteration original). My company, Asia Marketing and Management, has global ambitions but consists largely of me and the intelligence, experience, contacts, and per-sonality I bring to my clients . The issue in Merritt Dredging was the sale of a barge and the priority of parties' interests in the proceeds of the sale. Wellspring Capital Management is a leading private equity firm headquartered in New York. The court stated that expressions of opinion are actionable under New York law, but further stated: New York courts have also stated that statements of "mere puffery", or "statements founded entirely on speculation concerning future profits from proposed business endeavors" are not actionable. 2020) (quoting Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009)). Aug. 27, 2020). Defendant Wellspring Capital Management LLC is a Delaware limited liability company with its principal place of business at 390 Park Avenue, New York, New York 10022. Wellspring Capital is a boutique discretionary management service - with a portfolio positioned for high performance. 962 0 obj <>stream The defendants' remaining arguments need not be addressed. Munich, by far the largest city in southern Germany, lies about 30 miles (50 km) north of the edge of the Alps and along the Isar River, which flows through the middle . 2021 by wellspring capital Management. Wellspring Capital is a boutique discretionary management service with a portfolio positioned for high performance. The defendants argue that Prospect is a subsequent creditor, because it had knowledge of and approved of the distributions prior to them being completed. Private equity firm Wellspring Capital Management LLC on Friday hit a slew of its insurers with a suit in New York state court alleging they must defend it against claims that it plundered . The firm's objective is to bring partnership, experience and value creation to each investment. 1999)). But Wellspring would arguably undermine the ability to negotiate for what are customary and, indeed, necessary protections for corporate decisionmakers in those same transactions, such as releases, indemnity, or exculpation. Corp. v. Twombly, 550 U.S. 544, 555 (2007)). EFFECTIVE DATE; SEC: Terminated: 3/2/2007: Fund VI will continue to pursue Wellspring's investment objective to acquire or invest in middle-market companies that are well-positioned to capitalize on change and can benefit from Wellspring's operating and financial expertise. Find More Contacts for Wellspring Capital Management, Edit Lists Featuring This Company Section, European Regulation Ushers In Global Future For Fundraising, Wellspring Capital Management Acquires Caring Brands International, Private Equity Firms with Investments in United States, Greater New York Area Investors with Funds Raised in 2017, Private Equity Firms with Investments in Asia. your most valuable capital, your ultimate resource. I Shall [Not] Be Released: Wellspring, Director Releases, breached their duty of care, since the directors refused to reasonably maximize corporate value by killing the restructuring on account of releases/indemnity (, breached their duty of loyalty, since they placed their own self-interests above those of their fiduciaries [. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. Musk Made a Mess at Twitter. . Fund VI brings the firm's assets under management to more . at *3 (quoting In re Sharp Int'l Corp., 403 F.3d 43, 53 (2d Cir. California Weighs $360,000 in Reparations to Eligible Black Residents. Wellspring has one of the best track records in middle-market private equity; its people, capital and reputation bring certainty to transactions. Wellspring Capital Management has acquired 38 organizations. The court considered whether the plaintiff had proved the tort of innocent misrepresentation. January 12, 2022 Designed By, https://www.wellspringcapital.co.uk/disclaimer. from 8 AM - 9 PM ET. Our tight-knit culture enables transparent oversight and a streamlined decision-making process. Id. Id. David R. Duncan US Bankruptcy Judge District of South Carolina. 2010); Saifullah v. Johnson, 948 F.2d 1282, at *1 (4th Cir. We charge a minimal base fee and the rest is performance fees we generate for clients and not on the amount of capital clients allocate. Contribute to chinapedia/wikipedia.en development by creating an account on GitHub. 2009). endstream endobj startxref R. Civ. You can review interesting Flipbooks on my site. The defendant represented to the plaintiff, and to an appraiser who performed an appraisal of the garage, that the parking garage had 500 parking spaces. 85]. This approach has historically delivered returns well above inflation Our clients Reputation Management. This preference is a result of the Firms differentiated and conservative approach to leverage, in addition to a transparent oversight model, which is driven by our small group of senior professionals and absence of bureaucracy. to negotiate for release or indemnification, with the defendants arguing that such releases may have saved the post-restructuring company the expense of indemnifying the D&O Defendants in subsequent litigation. James brought a civil suit against Trump in September, alleging the Trump organization had fraudulently inflated the value of . Private equity firm Wellspring Capital Management has acquired Caring Brands International, parent company of home health and hospice franchise company Interim Healthcare, for an undisclosed amount. Ellett Brothers LLC ("Ellett"), a South Carolina limited liability company, was a sporting goods distributor. In re Merritt Dredging Co., Inc., 839 F.2d 203, 205 (4th Cir. A litigation trust formed through the SportCo bankruptcy then sued, among others, SportCos former directors and its equity sponsor. *aUQBT&1#J$8Q)=WE9M'v1s_)GG+.kbN;yELi.UD1N{f'u$y`'GCJfS;4yXwbW${%^tcxG2}+/P@U `a$b6? Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. Wellspring, founded in 1995, has raised more than $4 billion of capital commitments through six private equity funds, according to its website. Make your practice more effective and efficient with Casetexts legal research suite. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. [Amended Complaint, 49]. Sec'y of State for Def. Revenue: $500 million to $1 billion (USD) Competitors: Unknown. Menu Home; Rankings. Wellsprings facts, as alleged, are fairly straightforward. They are not actionable. 915 0 obj <> endobj Particularly where negotiations may involve releases, indemnification, or similar provisions, be advised that the ever-present tendency for counterparties to exercise 20/20 hindsight is fully in effect. The firm prefers to invest in the business services, industrial, packaging, healthcare services, restaurants . King County, 863 F. Supp.2d at 318. Will Others Follow? REGISTRATION STATUS. 0 Id. The amended complaint contains no allegations that either Ellett, with respect to the first cause of action, or SportCo, with respect to the second cause of action, was insolvent at the time of the distributions or became, at the time of the transfers, insolvent as a result of the transfers. [Amended Complaint, 37, 40]. In 2008, Wellspring Capital, through its fund Wellspring Capital Partners, acquired Ellett. These emails can hardly be considered negligent misrepresentations. . Wellspring brought its assets under management to more than $4.4 billion as of January 2018. "To survive a motion to dismiss, 'a complaint must contain sufficient factual matter, accepted as true, to "state a claim to relief that is plausible on its face."'" After the defendants filed replies, the Court held a hearing on June 18, 2020. .JFY+h!Hkw;s"$ 4AuF~!D =j]4z*g7i>B 1NEDm @@,!ptz"Br}-rh>wI }9.&>5/n2n/OefX The Uniform Commercial Code defines insolvency as the inability to pay debts in the ordinary course or when they come due, while the Bankruptcy Code defines insolvency as debts exceeding assets. Lister v. NationsBank of Delaware, N.A., 329 S.C. 133, 143 (Ct. App. Tenn. 1991); 11 U.S.C. Alexander Carles' and Bradley Johnson's arguments are limited to the negligent misrepresentation cause of action, the only cause of action asserted against them. Additionally, the plaintiff argues that the third element of New York's third-party beneficiary test is not met because there is no express intent in the Loan Agreements or the Amendments to compensate the defendants in the event the distributions were not paid and in fact, the Loan Agreement indicates the opposite by virtue of the inurement clause found in Section 13.1. [Amended Complaint, 93]. This is the best way to manage and repair your business reputation. Corporate Advocacy Program. It is not unusual for an entity facing distress to engage with their stakeholders and to negotiate any number of transaction alternatives and terms. The parties disagree on what law should applyfederal or state, and further if state law applies, New York or South Carolina. These all relate to a proposed business transactionthe purchase by Ellett of AcuSport. Specifically, Mr. Carles and Mr. Johnson represented to Prospect that a purchase of AcuSport would result in: (1) Debtors' capturing 20 to 30 percent of AcuSport sales; (2) Acquisition of $14 million worth of AcuSport's inventory at a significant discount; and (3) Realization of an immediate $7 million profit from the sale of the inventory acquired in the purchase. Even among California Democrats, Newsom is still in the negatives, with 54% wanting him to sit out in 2024 and only 35% wanting him to run.
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