2008) (citing Southmark Corp. v. Crescent Heights VI, Inc. (In re Southmark Corp.), 95 F.3d 53, 53, n.7 (5th Cir. Under certain conditions, section 548 allows the avoidance of a transfer made within two years of the date of the filing of the bankruptcy petition. ~p03ngx1Ai63*oP 4TP3Nt'xn0R8tJ'a7D2P6ILky6L;0;0SUNrtd t
";Qb[K-Ii 1g%\i) IZ3uAH0J40v0xt0v40Xt8 y CJ3t@y`$21kL 20-50554, 2021 WL 4823513 (Bankr. Therefore, the plaintiff argues that he is only required to establish constructive fraud. 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. [Amended Complaint, 57]. 915 0 obj
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Wellspring Capital Management LLC - Company Profile and News Wellspring Capital Management, LLC; Wellspring Cap. e""8*&B The plaintiff does not dispute that the amended complaint does not plead actual fraud, and it clearly does not. pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The Wellspring court dismissed the litigation trusts claim for breach of the fiduciary duty of care, holding that it was not adequately pled. And the best part of all, documents in their CrowdSourced Library are FREE. 1997) (citing Bannister v. Hertz Corp., 316 S.C. 513 (Ct. App. They are not actionable. Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. This approach has historically delivered returns well above inflation. Andrew Kupchik argued dismissal was necessary due to Prospect's ratification and/or consent to the distributions, due to failure to state a claim under New York law because of lack of insolvency and failure to state a claim under South Carolina law due to failure to plead actual fraud, due to the expiration of the statute of limitations on the fraudulent conveyance claims, and due to failure to plead the existence of a triggering unsecured creditor. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through six private equity funds. On 05/20/2022 Wellspring Capital Management, LLC Wellspring Cap filed an Other lawsuit against Barry, III.This case was filed in U.S. Bankruptcy Courts, New York Southern Bankruptcy. Wellspring Sues Insurers To Fight Claims It Tanked Gun Seller Lawsuit: Wellspring CEO Told - Institutional Investor The Loan Agreements and the First and Second Amendments each contain a choice of law provision, providing that New York law applies. Founded in 1995, Wellspring invests anywhere . Law360 provides the intelligence you need to remain an expert and beat the competition. The origins of Wellspring Philanthropic Fund are shrouded. In June 2019, SportCo and its subsidiaries (the "Debtors") filed chapter 11 bankruptcy cases in the United States Bankruptcy Court for the District of Delaware. All rights reserved. Tenn. 1991); 11 U.S.C. See Silvercreek Mgmt., Inc. v. Citigroup, Inc., 346 F. Supp. Copyright 2023 Ropes & Gray LLP. Defendant Bernard Ziomek is in default in this matter. In considering whether to grant a motion to dismiss under Rule 12(b)(6), the court may take judicial notice of matters of public record and may consider documents attached to the complaint and the motion to dismiss, "so long as they are integral to the complaint and authentic." your most valuable capital, your ultimate resource. James brought a civil suit against Trump in September, alleging the Trump organization had fraudulently inflated the value of . On December 31, 2018, the Borrowers defaulted on their obligations under the Loan Agreements and the Amendments. "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."'" 1985). The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. The emails, often using colorful language and harassing tones, essentially represent to Prospect that if the AcuSport transaction is not completed, Prospect will not get paid on its obligations. The elements of a negligent misrepresentation claim under New York law are: The plaintiff also cites King County, Washington v. IKB Deutsche Industriebank, 863 F. Supp. 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 [. Angel, Fund of Funds, Venture Capital), General contact email for the organization. 2d 520, 529 n.14 (E.D. @S1 $82N+ZJ | Wellspring Capital Management is a middle-market private equity financing firm. The elements of a negligent misrepresentation claim under South Carolina law are as follows: Turning now to the present case, the third cause of action must be dismissed under either New York or South Carolina law because the statements that the plaintiff asserts constituted negligent misrepresentations were all statements regarding potential outcomes of a potential business endeavor; thus, they relate to future events and cannot form the basis of a negligent misrepresentation claim. The plaintiff, Ronald J. Friedman, the trustee for the SportCo Creditors' Liquidation Trust, filed an omnibus response to the motions to dismiss [Docket No. There are no allegations in the amended complaint that the debtors' liabilities exceeded their assets at the time of the transfers. If you want your business to survive, you need to understand your-self. Wellspring Capital Management is a leading private equity firm headquartered in New York. 2100 Geng Road, Suite 210 Palo Alto, CA 94303. Wellspring has earned the reputation as a trusted, reliable partner and is often the preferred partner of a portfolio companys senior management team. In re Merritt Dredging Co., Inc., 839 F.2d 203, 205 (4th Cir. 930 0 obj
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Full title:Ronald J. Friedman, as the trustee for the SportCo Creditors' Liquidation, Court:UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. Mr. Friedman was substituted as the plaintiff on January 10, 2020. 22-2003, 2023 WL 1098189 (3d Cir. In particular, the bankruptcy court held that the allegations failed to support a conclusion that the SportCo directors were somehow acting on an uninformed basis or that the rejection of the out-of-court restructuring was grossly negligent. Wellspring buys PE-backed Center for Diagnostic Imaging Wellspring Capital Management - Investments, Portfolio & Company Exits Federal Rule of Bankruptcy Procedure 7012(b). The Court also notes that, setting the other factors aside, given the extreme nature of the urgent tone of these emails, and the highly sophisticated status of Prospect, Prospect satisfying the justifiable reliance element of a negligent misrepresentation claim is questionable, at best. UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. Id. (Wellspring). Ellett achieved high sales and revenues and had significant operations until sometime in 2016, when its profits began to decrease. N.D.N.Y. Id. Phone: 650 729-8626. Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. 92], Todd Boehly [Docket No. The company will explode Rich!" 24. The amended complaint is dismissed. To this end, Wellspring reinforces two key principles in particular: We encourage you to contact your Ropes & Gray team to discuss these matters more fully. Designed By, https://www.wellspringcapital.co.uk/disclaimer. Their most recent acquisition was Caring Brands International on Oct 25, 2021. 'Ov}b0. Sav. A second amendment to the Loan Agreements (the "Second Amendment") was executed on September 30, 2014. Wellspring Capital Management LLC Chief Executive Officer Bill Dawson has taken a leave of absence, days after a former employee alleged in a lawsuit that he threatened her for accusing his son of sexual assault. A former Wellspring Capital Management employee filed a lawsuit against the son of Wellspring chief executive Bill Dawson, alleging that he raped her and that Bill Dawson threatened to. This article about a private equity or venture capital firm based in the United States is a stub. The alleged statements simply do not constitute actionable statements that can form the basis of a negligent misrepresentation claim. Fund VI brings the firm's assets under management to more . WELLSPRING CAPITAL MANAGEMENT ( CRD # 135455/SEC#:801-64341 ) WELLSPRING CAPITAL MANAGEMENT, WELLSPRING CAPITAL MANAGEMENT, INC. View latest Form ADV filed Part 2 Brochures. York Capital Management Feb 2021 - Present2 years 1 month New York, New York, United States Wellspring Capital Management LLC 13 years 5 months Partner Dec 2016 - Dec 20204 years 1 month. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through . The firm prefers to invest in the business services, industrial, packaging, healthcare services, restaurants . Antares Capital Supports Wellspring Capital Management's Acquisition of D.S.C. Wellspring Capital Partners VI Profile: Investments & Returns | PitchBook endstream
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Investment adviser | Wellspring Capital Management Ltd | M25 0FX Ellett Brothers LLC ("Ellett"), a South Carolina limited liability company, was a sporting goods distributor. In June 2017, Gymboree announced it was filing for Chapter 11 bankruptcy protection. The District Court stated that "[w]hether a fraudulent conveyance claim should be characterized as a tort action is uncertain and disputed among American jurisdictions." PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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. The February 20, 2018 stated, "You're [sic] economics are going down and the risk of chapter is going up. Using a sophisticated network of for-profits, shell corporations, and consultancies, Wellspring has poured out an incredible $1.1 billion into nonprofits, most of which is hidden from prying eyes in donor-advised funds. Therefore, a finding that Prospect is a subsequent creditor would require dismissal of the first and second causes of action. v. Holmes (In re Holmes), 610 B.R. The December 26, 2017 email stated, "So you will waive [your interest payments]. Investment Approach Target Investments Wellspring's objective is to acquire or invest in companies that are well-positioned to capitalize on change and can benefit from Wellspring's operating and financial expertise. Click here to login, 2023, Portfolio Media, Inc. | About | Contact Us | Legal Jobs | Advertise with Law360 | Careers at Law360 | Terms | Privacy Policy | Cookie Settings | Help | Site Map, Enter your details below and select your area(s) of interest to stay ahead of the curve and receive Law360's daily newsletters, Email (NOTE: Free email domains not supported). Flipbooks. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. 598, 614 (Bankr. Corp. v. Twombly, 550 U.S. 544, 555 (2007)). Wellspring Capital Management Investor Profile: Portfolio & Exits Wellspring Capital Management, LLC; Wellspring Cap v Barry, III et al Wellspring, founded in 1995, has raised more than $4 billion of capital commitments through six private equity funds, according to its website. WELLSPRING CAPITAL MANAGEMENT, founded in 1995, is a middle-market private equity firm that has approximately $2 billion of private equity capital under management. Va. Mar. REGISTRATION STATUS. Cases involving other matters not classified elsewhere, 890, 1890, 1990, 2890, 2899, 2999, 3375, 3890, 3896, 3899, 3999, 4890, 4896, 4999, Wellspring Capital Management, LLC; Wellspring Cap v. Barry, III et al. Wellspring Capital Management has acquired 38 organizations. Id. Corporate Advocacy Program. 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. An actual fraudulent conveyance is any "conveyance made . Wellspring Capital Lawsuit | PDF | Limited Partnership | Loans - Scribd The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. Jan. 25, 2016) (alteration original). The complaint must provide more than mere "labels and conclusions, and a formulaic recitation of the elements of a cause of action will not do." IAPD - Investment Adviser Public Disclosure - Homepage With respect to which state's law applies, the defendants argue that the elements required to find that a party is a third party beneficiary are all met in this case and therefore New York law, as specified in the Loan Agreement's and Amendments' choice of law provisions, should apply to the plaintiff's causes of action against them. The third cause of action asserts that those parties "made numerous representations to Prospect concerning the AcuSport Purchase, including that the purchase would allow the Debtors to acquire $14 million worth of AcuSport inventory at a substantial discount; that it would result in the Debtors' immediate realization of a $7 million profit on the sale of the AcuSport inventory so purchased; and that it would result in the Debtors' capturing 20% to 30% of AcuSport sales." About Wellspring Capital Management Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $4.4 billion of private equity capital. All business will get complaints. For example, the October 27, 2017 email stated, "The only way to optimize is to merge with Acusport." 2018) (distinguishing cases where the courts dismissed negligent misrepresentation claims based on "puffery" or founded solely on speculative statements regarding future profits as a result of proposed transactions, and finding that the misrepresentations at issue were actionable because they involved present facts).
The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.