In today’s featured case, the plaintiff construction firm contracted with a vacation resort operator in the Bahamas partly owned by a Marriott hotel subsidiary. When the resort breached the contract, the plaintiff sued and won a $7.5M default judgment in a Bahamas court. When that judgment proved uncollectable, the plaintiff sued to enforce the judgment in Florida state …
Tag Archives: corporate law
LLC That Pays Itself and Insiders to Exclusion of Creditor Plaintiff Violates Fraudulent Transfer Statute – Illinois Court
Applying Delaware corporate law, an Illinois appeals court in A.G. Cullen Construction, Inc. v. Burnham Partners, LLC, 2015 IL App (1st) 122538, reversed the dismissal of a contractor’s claim against a LLC and its sole member to enforce an out-of-state arbitration award. In finding for the plaintiff contractor, the court considered some important and recurring questions concerning the level …
Property Is Subject to Turnover Order Where Buyer Is ‘Continuation’ of Twice-Removed Seller – Successor Liability in IL
The Second District appeals court recently affirmed a trial court’s turnover order based on a finding that a property transfer involving three separate parties was in reality, a single “pre-arranged transfer” involving a “straw purchaser.” I previously profiled Advocate Financial Group, LLC v. 5434 North Winthrop, 2015 IL App (2d) 150144 (see http://paulporvaznik.com/5485/5485) where the court …