3 total
Plaintiffs awarded $2.85M in escrowed funds from power of sale proceeds based on priority debt trust.
The plaintiffs brought an interpleader claim regarding $2,857,831.58 held in escrow following the sale of a real estate development property under a power of sale.
The funds represented a portion of the remaining sale proceeds after the discharge of a first mortgage.
The court found that the joint venturers had structured their investment as a loan to defer capital gains tax, which operated as an equitable charge on the limited partner's interest.
The court held that the plaintiffs were entitled to priority distribution of the escrowed funds over the defendants' claims for partnership set-off, pursuant to the trust obligations and section 44 of the Partnerships Act.
The court approved a sales officer's proposed sale process for a deadlocked insurance brokerage and adjourned a motion to appoint a receiver.
This decision concerns the approval of a sale process and a motion to appoint the sales officer as receiver in the context of a deadlocked insurance brokerage business.
The court approves the sale process and related ancillary relief, including the appointment of an interim broker and non-solicitation orders, but dismisses the motion to appoint the sales officer as receiver.
The ruling addresses issues of conflict of interest, compliance with prior orders, and the preservation of assets pending winding up.
The court granted an ex parte Mareva injunction and expanded Norwich relief for alleged fraud.
The plaintiff, Trustar Underwriting Inc., sought the continuation of previous Norwich relief and new Mareva relief against the defendants, alleging two concurrent schemes of fraud.
The schemes involved the misappropriation of insurance premiums for non-existent policies and the redirection of Trustar funds to the defendant Daniel Moses's personal accounts.
The court found a strong prima facie case of fraud, a serious risk of asset dissipation, and irreparable harm, satisfying the test for a Mareva injunction.
The court granted the Mareva injunction, continued and expanded the Norwich relief, and ordered the plaintiff's former accounting firm to produce relevant client files.
