In an email obtained by . 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. Because the Court dismisses the complaint as to all other defendants, the Court sua sponte dismisses the causes of action against Mr. Ziomek as well. Fund VI brings the firm's assets under management to more . It is Bavaria's largest city and the third largest city in Germany (after Berlin and Hamburg). However, whether a fraudulent conveyance action is characterized as a tort action is unsettled. The plaintiff responds that the express terms of the choice of law provisions provide that the clause applies only to the parties to the Loan Agreements and the Amendments and that the defendants' indirect connection to the parties to the agreements, and the nature of their received benefit, a distribution, are not sufficient to render them third-party beneficiaries of the Loan Agreements and the Amendments. As we here at Ropes & Gray look back on 2021 and ahead into 2022, we call your attention to the lessons of Friedman v. Wellspring Capital Mgmt., LLC (In re SportCo Holdings, Inc.), Case No. When it comes to helping companies that show promise, Wellspring Capital Management is overflowing with support. NEW YORK, Jan. 10, 2018 /PRNewswire/ -- Wellspring Capital Management LLC ("Wellspring") today announced the successful closing of Wellspring Capital Partners VI L.P. ("Fund VI") with capital commitments totaling the hard cap of $1.415 billion. S.D. Many of the facts underlying the Wellspring decision are neither unique nor unusual. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. The Wellspring Defendants asserted all of these arguments and also asserted failure to state a claim under section 550 against certain defendants. The plaintiff's third cause of action, for negligent misrepresentation against defendants Wellspring Capital, Mr. Carles, and Mr. Johnson, must also be dismissed. 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. Ellett achieved high sales and revenues and had significant operations until sometime in 2016, when its profits began to decrease. 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). 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. They were not statements of presently existing fact. Va. Mar. Headquarters Location Lever House 390 Park Avenue New York, New York, 10022, United States WELLSPRING CAPITAL MANAGEMENT, founded in 1995, is a middle-market private equity firm that has approximately $2 billion of private equity capital under management. Wall Street tycoon takes leave of absence after lawsuit claims his son PDF In the United States Bankruptcy Court for The District of Delaware The Loan Agreements and the First and Second Amendments each contain a choice of law provision, providing that New York law applies. As discussed in Cyrus II, the Fourth Circuit has stated that a bankruptcy court should apply the choice of law rules of the state in which it sits. Please Update this case to get latest docket information. Trump legal team requests six-month delay in New York civil lawsuit 987, 999-1000 (Bankr. articles a month for anyone to read, even non-subscribers!
Their most recent acquisition was Caring Brands International on Oct 25, 2021. Lawsuit: Wellspring CEO Told - Institutional Investor Our tight-knit culture enables transparent oversight and a streamlined decision-making process. Working at Wellspring Capital Management | Glassdoor Alexander Carles' and Bradley Johnson's arguments are limited to the negligent misrepresentation cause of action, the only cause of action asserted against them. 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). In the legal profession, information is the key to success. 2021 by wellspring capital Management. In Cyrus II, the court also acknowledged that the Fourth Circuit has found otherwise and determined that state choice of law rules should be used in bankruptcy cases. 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. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Italys CDP Is Nearing Offer for Telecom Italia Network. SportCos negotiations were led by a SportCo director, who was also the managing partner of Wellspring Capital, SportCos equity sponsor. 2022 Wellspring Capital Management Group LLC |. 93], and Bradley Johnson [Docket No. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. By teaming up with strong management, Wellspring is able to unlock underlying value and Target Investments - Wellspring Capital In 2012, the year that the amended complaint alleges Ellett "achieved record sales and earned revenues of approximately $1.2 billion," Ellett and its operating subsidiaries (the "Borrowers") entered into a Third Amended and Restated Loan and Security Agreement and a Second Lien Loan and Security Agreement (collectively, the "Loan Agreements") with lenders including Prospect Capital Corporation ("Prospect"), pursuant to which Prospect and the other lenders loaned $280 million to the Borrowers. There are no allegations in the amended complaint that the debtors' liabilities exceeded their assets at the time of the transfers. Wellspring Capital Management Company Profile | Management and D.S.C. This matter is before the Court on motions to dismiss filed by the defendants Wellspring Capital Management, LLC ("Wellspring Capital"), Wellspring Capital Partners IV, L.P. ("Wellspring Capital Partners"), WCM Genpar IV, L.P., WCM Genpar IV GP, LLC (collectively, the "Wellspring Defendants") [Docket No. at 358. These all relate to a proposed business transactionthe purchase by Ellett of AcuSport. Wellspring Capital Management, LLC; Wellspring Cap. The Court further notes that here, section 548 is not available to the plaintiff due to the timing of the transfers and the bankruptcy filings. 2008) (citing Southmark Corp. v. Crescent Heights VI, Inc. (In re Southmark Corp.), 95 F.3d 53, 53, n.7 (5th Cir. In Ashmore for Wilson, the District Court considered the question of how a fraudulent conveyance claim should be characterized for conflict of law purposes. Sav. I Shall [Not] Be Released: Wellspring, Director Releases, and the Duty The defendants' motions to dismiss are granted. 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. The plaintiff, however, asserts that federal conflict of law principles should govern what state's law applies in this case, because "[a] claim under 544(b) incorporates 'applicable law,' but it is a claim under federal law with a substantive federal law recovery scheme." Friedman v. Wellspring Capital Mgmt. (In re Sportco Holdings) 23, 2006) (stating that some courts characterize fraudulent conveyance actions as tort actions, while others characterize them as matters in equity). Wellspring Capital is a boutique discretionary management service - with a portfolio positioned for high performance. Friedman v. Wellspring Capital Mgmt. - Casetext The Firm takes pride in its ability to marshal its resources quickly and focus on the issues that matter, resulting in speed and certainty during the acquisition process. Their most recent investment was on Jan 1, 2020, when Steele Solutions raised 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. Fed. Wellspring CEO Bill Dawson is taking a leave of absence, the firm said Tuesday Last week a shocking lawsuit was filed against his son Christopher It claims he drugged and violently raped and. 90], Alexander E. Carles [Docket No. Wellspring Capital Management Acquires Cadence Petroleum Group The court considered whether inaccurate credit ratings can form the basis for a negligent misrepresentation claim. Wellspring Capital Management is a leading middle-market private equity firm headquartered in New York. In 2010, Bain Capital acquired the company for US$1.8 billion. July 5, 2017). This article about a private equity or venture capital firm based in the United States is a stub. [Amended Complaint, 49]. . Wellspring Capital Management prevailed in the sponsor-driven process for Center for Diagnostic Imaging, the country's largest private . Consumers want to see how a business took care of business. At all times relevant to these claims, Wellspring Capital controlled (a) Wellspring Capital Partners New York law and South Carolina law differed as to whether such a transfer was permitted. hb```e``jb`a`\ @1V h`2q:lp10qfaqB,X3s10iH(^t1 (quoting Edwards v. City of Goldsboro, 178 F.3d 231, 244 (4th Cir. The February 20, 2018 stated, "You're [sic] economics are going down and the risk of chapter is going up. We see how Bembury is able to walk the line of business convention while taking his art to new heights, turning ordinary items into extraordinary footwear. Wellspring Capital Management is a leading private equity firm headquartered in New York. 1984) for the proposition that under New York law, opinions are actionable in a negligence context. Over the past 20 years, Wellspring has invested in over 35 platform investments across . 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." Despite that agreement in principle, it was alleged in relevant part that: Unable to agree on the release and indemnification issue, SportCos out-of-court restructuring failed, and SportCo defaulted on its funded debt shortly thereafter. Limited partners include leading pension funds, endowments, fund of funds and family offices from the U.S., Europe and Asia. 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. The Partners of Wellspring constitute a long-tenured team, having worked together an average of 15 years over three funds.
2007) (citations omitted). Most of them do not even contain any concrete information about the proposed AcuSport purchase or the likelihood of the Borrowers' default. 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. The defendants argue that this cause of action must be dismissed because the alleged misrepresentations were forward-looking statements and opinions; therefore, they are not actionable and cannot form the basis for a negligent misrepresentation cause of action. 2016) (citing numerous cases, recognizing disagreement among courts regarding whether fraudulent conveyance action is a tort action); MainStreet Bank v. Nat'l Excavating Corp., 791 F. Supp. The plaintiff's first and second causes of action both assert claims for fraudulent conveyances pursuant to 544(b) and S.C. Code 27-23-10. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Over the past 27 years, Wellspring has invested in over 50 platform investments and completed over 80 add-on acquisitions across various segments of the U.S. and global economies. From October 2017 to April 2018, Mr. Carles and Mr. Johnson sent numerous emails to representatives of Prospect, attempting to induce Prospect to agree to forego exercising its rights in the event of a default. ~p03ngx1Ai63*oP 4TP3Nt'xn0R8tJ'a7D2P6ILky6L;0;0SUNrtd t
";Qb[K-Ii 1g%\i) IZ3uAH0J40v0xt0v40Xt8 y CJ3t@y`$21kL Wellspring Sues Insurers To Fight Claims It Tanked Gun Seller Further, if the statement is solely a speculative prediction about some potential business venture or course of action being contemplated, it is not actionable. 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. 544(b). 3d 341, 357 (D.S.C. Wellspring Capital Management is a middle-market private equity firm that has approximately $2 billion of private equity. Wellspring Capital and the D&O Defendants grossly and recklessly mismanaged the business and carried out their respective roles in a manner that was devoid of reasonable inquiry and diligence in dereliction of their fiduciary duties to Prospect as a creditor of the increasingly insolvent enterprise. . WELLSPRING CAPITAL MANAGEMENT ( CRD # 135455/SEC#:801-64341 ) WELLSPRING CAPITAL MANAGEMENT, WELLSPRING CAPITAL MANAGEMENT, INC. View latest Form ADV filed Part 2 Brochures. Seth Pearson - Managing Director - Private Equity - York Capital Id. 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 . For purposes of South Carolina law, the parties disagree whether Prospect was a preexisting creditor or a subsequent creditor. 92], Todd Boehly [Docket No. Wellspring CEO Takes Leave After Son Accused of Rape in Lawsuit to hinder, delay, or defraud either present or future creditors." However, the garage actually had only 402 parking spaces. Active, Closed, This describes the type of investor this organization is (e.g. Wellspring Capital Management Fund Manager Website www.wellspringcapital.com Fund Category Private Equity Close Date 0000-00-00 Fund Family Wellspring Capital Partners Native Currency USD Fund Manager's Location 605 Third Avenue 44th Floor New York, NY 10158 United States +1 (212) 000-0000 Fund Domiciles Canada If you want your business to survive, you need to understand your-self. Id. 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." [cV3ljHkT/bx
@A,20p1 ks
Description. Why is this public record being published online? The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. The Company specializes in private companies buyouts, acquisitions of divisions and subsidiaries of public companies, and going . Wellspring Capital - Middle Market Private Equity 8h`6$67Xn@,`&
89], Charles E. Walker, Jr. [Docket No. & Loan Ass'n of New York City, the plaintiff loaned funds to the defendant, secured by a mortgage on a parking garage. The firm's objective is to bring partnership, experience and value creation to each investment. Charles E. Walker, Jr. argued in support of dismissal due to lack of a triggering creditor based on Prospect's secured status, failure to state a claim under New York law due to lack of insolvency, on equity grounds because Prospect failed to obtain a personal guaranty from Mr. Walker and because the distributions were specifically contemplated by the loan transaction, and due to failure to state a claim for fraudulent conveyance under South Carolina law. We look forward to carrying forward that vision and continuing our success in the years ahead.". (Bloomberg) -- 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."We are taking this matter very seriously, and have launched an immediate internal investigation," Jeffrey Gould, Wellspring's head of marketing and investor . Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. Federal Rule of Bankruptcy Procedure 7012(b). Your livelihoodand your sanitydepend . From reading the Financial Times at school to managing his first portfolio at just 18, he has built Wellspring Capital into a nationwide wealth management boutique. Total number of employee profiles an organization has on Crunchbase, Total number of Crunchbase contacts associated with this organization, Descriptive keyword for an Organization (e.g. Gymboree - Wikipedia Posted By: Imright , 3/3/2023 9:31:52 PM. 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. Time to Read: 6 minutes
Industry: Investment & Asset Management. In re Merritt Dredging Co., Inc., 839 F.2d 203, 205 (4th Cir. Pentec Health Inc. Acquired by Wellspring Capital Management - PRWeb We are motivated and incentivised to succeed. This approach has historically delivered returns well above inflation. The choice of law provision in the Loan Agreements states: In October 2017, Wellspring Capital was contemplating a purchase of AcuSport, a competitor, by Ellett, for $14.8 million. In 2008, Wellspring Capital, through its fund Wellspring Capital Partners, acquired Ellett. The firm prefers to invest in the business services, industrial, packaging, healthcare services, restaurants . wikipedia.en/Vatterott_College.md at main chinapedia/wikipedia.en See Sheehan v. Saoud, 650 Fed. The plaintiff responds that the statements relate to presently existing facts and that opinions are actionable in a negligence context. Mr. Friedman filed an amended complaint the same day. Lister v. NationsBank of Delaware, N.A., 329 S.C. 133, 143 (Ct. App. The plaintiff/litigation trust also asserted claims directly against Wellspring Capital under an aiding and abetting theoryi.e., asserting that Wellspring Capital itself aided and abetted the SportCo Boards alleged fiduciary duty breaches. The plaintiff relies on the fact that Ellett was unable to pay the debt owed to Prospect at the time that it had to be paid in full; however, this is not the only relevant point in time. 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. Jan. 25, 2016) (alteration original). Finally, one place to get all the court documents we need. And the best part of all, documents in their CrowdSourced Library are FREE. Tex. v. Trimble Navigation Ltd., 484 F.3d 700, 705 (4th Cir. your most valuable capital, your ultimate resource. The origins of Wellspring Philanthropic Fund are shrouded. California Weighs $360,000 in Reparations to Eligible Black Residents. CDI's smaller Atlanta peer said to weigh sale in '18. Wellspring partners with highly qualified and motivated senior management teams, actively working together to unlock a companys potential by providing ongoing financial, strategic and operational support. 85]. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through . Wellsprings facts, as alleged, are fairly straightforward. 22-2003, 2023 WL 1098189 (3d Cir. E-mail: sandra@wellspring-cap.com; Videos. King County, 863 F. Supp.2d at 318. James brought a civil suit against Trump in September, alleging the Trump organization had fraudulently inflated the value of . 91], F. Hewitt Grant [Docket No.