When typing in this field, a list of search results will appear and be automatically updated as you type. [Amended Complaint, 31]. Make your practice more effective and efficient with Casetexts legal research suite. For example, the October 27, 2017 email stated, "The only way to optimize is to merge with Acusport." An actual fraudulent conveyance is any "conveyance made . PLEASE NOTE: A verification email will be sent to your address before you can access your trial. Further, if the statement is solely a speculative prediction about some potential business venture or course of action being contemplated, it is not actionable. Corp. v. Twombly, 550 U.S. 544, 555 (2007)). They are not actionable. Wellspring Capital Management prevailed in the sponsor-driven process for Center for Diagnostic Imaging, the country's largest private . "[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.'" 2005)). View contacts for Wellspring Capital Management to access new leads and connect with decision-makers. These tools have been used since the firm's inception in 1995 to generate consistent business improvement in its portfolios. Tow v. Rafizadeh (In re Cyrus II P'ship), 413 B.R. Your livelihoodand your sanitydepend . In early 2018, Wellspring Capital notified SportCo's secured lenders that SportCo would default on a $4.7 million interest payment due in the second quarter of 2018. Phone: 650 729-8626. 91], F. Hewitt Grant [Docket No. 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. At Wellspring we pride ourselves on client service. 541, 546 (Bankr. July 5, 2017). The 2011 Wellspring Capital Partners V LP was fully invested at $1.2 billion and has generated positive returns for its investors to-date. 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. After the defendants filed replies, the Court held a hearing on June 18, 2020. The assignment was executed in New York, but the personal property was located in South Carolina at the time the assignment was executed. 915 0 obj <> endobj Wellspring Capital formed SportCo Holdings, Inc. ("SportCo") to serve as a holding company for United Sporting Company, Inc. ("United Sporting"), Ellett's direct parent; Ellett; and its subsidiaries. Salaries posted anonymously by Wellspring Capital Management employees. 1999)). The amended complaint is dismissed. In connection with this contemplated purchase, Alexander Carles, a managing partner of Wellspring Capital and an officer and director of SportCo and its subsidiaries, and Bradley Johnson, the president and chief executive officer of SportCo and its subsidiaries, sought to convince Prospect to forbear from exercising any remedies in the event of a payment default. Reputation Management. hbbd``b`u@IHEX 3X "2A`V @B'Hl``bdV8 2h 609, 614 (Bankr. On December 31, 2018, the Borrowers defaulted on their obligations under the Loan Agreements and the Amendments. ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. Headquarters Location Lever House 390 Park Avenue New York, New York, 10022, United States Wellspring targets investments with the following characteristics: 101 (32). This is the best way to manage and repair your business reputation. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. endstream endobj 916 0 obj <>/Metadata 258 0 R/Pages 913 0 R/StructTreeRoot 384 0 R/Type/Catalog>> endobj 917 0 obj <>/MediaBox[0 0 612 792]/Parent 913 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 918 0 obj <>stream at 382. Home; About Us; Investment Approach. 544 and 550 and S.C. Code 27-23-10; (2) avoidance and recovery of fraudulent transfers by SportCo against the Transferee Defendants pursuant to 11 U.S.C. Nor is it necessary for the Court to decide whether New York or South Carolina law applies under South Carolina's choice of law principles. The seller, PE outfit Levine Leichtman Capital Partners, purchased the company in 2015. Probitas Partners acted as exclusive placement agent and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel with respect to formation of Fund VI. 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. In re Merritt Dredging Co., Inc., 839 F.2d 203, 205 (4th Cir. It is Bavaria's largest city and the third largest city in Germany (after Berlin and Hamburg). 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 RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. Active, Closed, This describes the type of investor this organization is (e.g. Wellspring Capital is a boutique discretionary management service with a portfolio positioned for high performance. at 358. Law360 provides the intelligence you need to remain an expert and beat the competition. your most valuable capital, your ultimate resource. Will His AI Plans Be Any Different? Wellspring Capital Management is a leading private equity firm headquartered in New York. 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. In 2008, Wellspring Capital, through its fund Wellspring Capital Partners, acquired Ellett. Alexander Carles' and Bradley Johnson's arguments are limited to the negligent misrepresentation cause of action, the only cause of action asserted against them. with actual intent . 'Ov}b0. The defendants argue that New York law should apply, first, because the Loan Agreements and the First and Second Amendments contain choice of law provisions stating that New York law will apply and second, because South Carolina choice of law analysis dictates that New York law should apply. hb```e``jb`a`\ @1V h`2q:lp10qfaqB,X3s10iH(^t1 Industry: Investment & Asset Management. The defendants' motions to dismiss are granted. Under either New York or South Carolina law, the plaintiff's third cause of action for negligent misrepresentation fails to state a claim for which relief can be granted. Id. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. [cV3ljHkT/bx @A,20p1 ks A free inside look at Wellspring Capital Management salary trends based on 22 salaries wages for 17 jobs at Wellspring Capital Management. Limited partners include leading pension funds, endowments, fund of funds and family offices from the U.S., Europe and Asia. 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. As with the plaintiffs assertions around disinterested governance, such allegations may (or may not) bear any semblance to the actual facts. There are no allegations in the amended complaint that the debtors' liabilities exceeded their assets at the time of the transfers. to hinder, delay, or defraud either present or future creditors." It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. You have to know whats happening with clients, competitors, practice areas, and industries. Please see our Privacy Policy. Financial terms of the transaction were not disclosed. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The issue in Merritt Dredging was the sale of a barge and the priority of parties' interests in the proceeds of the sale. Their most recent acquisition was Caring Brands International on Oct 25, 2021. View Videos. Therefore, a finding that Prospect is a subsequent creditor would require dismissal of the first and second causes of action. . Oct. 14, 2021) (Stickles, J.) We are motivated and incentivised to succeed. Div. 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. The District Court discussed the South Carolina Supreme Court's decision in Sheldon v. Blauvelt, 29 S.C. 453 (1888). New York law prohibits both actual and constructive fraudulent conveyances. The 2011 Wellspring Capital Partners V LP was fully invested at $1.2 billion and has generated positive returns for its investors to-date. New York law requires insolvency at the time of the transfer, and South Carolina law requires insolvency both at the time of the transfer, and at the time the creditor seeks to collect the debt. (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 . Therefore, the plaintiff argues that he is only required to establish constructive fraud. 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 . Revenue: $500 million to $1 billion (USD) Competitors: Unknown. 90], Alexander E. Carles [Docket No. The defendants filed separate motions. 89], Charles E. Walker, Jr. [Docket No. The defendants' remaining arguments need not be addressed. They were not statements of presently existing fact. 2007) (citations omitted). D.S.C. Cancellation and Refund Policy, Privacy Policy, and Wellspring Capital Management is a leading private equity firm headquartered in New York. 2009). Wellspring Capital is a boutique discretionary management service - with a portfolio positioned for high performance. hXO8WtVH,~W"I/ {;N7'0HAA0%`Ih5L!p! Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. However, the Court has the discretion to sua sponte dismiss a complaint pursuant to Fed. 544(b). Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. The company will explode Rich!" 1997) (citing Bannister v. Hertz Corp., 316 S.C. 513 (Ct. App. 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. The plaintiff's first and second causes of action are based on 11 U.S.C. Wellspring, founded in 1995, has raised more than $4 billion of capital commitments through six private equity funds, according to its website. Investments Number of Investments 2 Wellspring Capital Management has made 2 investments. Over the past 20 years, Wellspring has invested in over 35 platform investments across . [Amended Complaint, 57]. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. 962 0 obj <>stream The principal and lead portfolio manager at Wellspring Capital is Avrohom Neumann. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. 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. WELLSPRING CAPITAL MANAGEMENT ( CRD # 135455/SEC#:801-64341 ) WELLSPRING CAPITAL MANAGEMENT, WELLSPRING CAPITAL MANAGEMENT, INC. View latest Form ADV filed Part 2 Brochures. Sounds like a tidy deal at year end [2017] made a lot of sense." SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. PLEASE SEE THIS LINK FOR FULL DISCLAIMER: This site is for informational purposes only. 93], and Bradley Johnson [Docket No. 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. Hiding negative complaints is only a Band-Aid. Please Update this case to get latest docket information. 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. Id. Contribute to chinapedia/wikipedia.en development by creating an account on GitHub. Wellspring Capital manages an investment portfolio of between 10 and 15 international stocks. A second amendment to the Loan Agreements (the "Second Amendment") was executed on September 30, 2014. The firm's objective is to bring partnership, experience and value creation to each investment. A New York buyout baron has taken a leave of absence from his fund after an explosive lawsuit claimed last week that he threatened an ex-employee to keep quiet after she accused his son of raping her. Law360 may contact you in your professional capacity with information about our other products, services and events that we believe may be of interest.Youll be able to update your communication preferences via the unsubscribe link provided within our communications.We take your privacy seriously. 3d 473, 506 (S.D.N.Y. [Amended Complaint, 54]. 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/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. Try our Advanced Search for more refined results. 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. Id. (Compl. P. 12(b)(6) provides for dismissal of an action if the complaint "fail[s] to state a claim upon which relief can be granted." 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. . Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through . Wellspring has one of the best track records in middle-market private equity; its people, capital and reputation bring certainty to transactions. Sav. Fund VI brings the firm's assets under management to more than $4.4 billion. In Wellsprings view, the extent to which releases might have benefitted SportCo (as opposed to benefiting the directors alone) was at least in part a question of fact that could not be resolved on a motion to dismiss. Description. The plaintiff's third cause of action, for negligent misrepresentation against defendants Wellspring Capital, Mr. Carles, and Mr. Johnson, must also be dismissed. This is despite the fact that 57% of Californians and 37% of California Democrats do not want President Joe Biden to run, according to a poll from the Berkeley Institute of Governmental Studies. A customer lawsuit filed earlier this month against Sequoia, Paradigm, and Thoma Bravo, alleges these funds gave an "air of legitimacy" to FTX andvia their hundreds of millions in funding and. Mr. Friedman filed an amended complaint the same day. Aug. 27, 2020). It identifies undervalued companies whose share price does not properly reflect the true value of the business. Shoe designer and creative Salehe Bembury takes us on a journey from his childhood growing up in Manhattan, to an invaluable degree in industrial design, to working with some of the biggest names in fashionbefore breaking off to make his own name. Corporate Advocacy Program. Id. Todd Boehly filed a joinder to the Wellspring Defendants' motion to dismiss. Wellspring, 2021 WL 4823513, at *10. The defendants' motions rely on Federal Rule of Civil Procedure 12(b)(6). Federal Rule of Bankruptcy Procedure 7012(b) provides that Federal Rule of Civil Procedure 12(b) applies in adversary proceedings. %PDF-1.5 % Later emails berate Prospect's representative for failing to agree to the AcuSport purchase more quickly. Accordingly, SportCo began negotiations with certain of its lenders around a potential restructuring transaction. 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. Wellspring Capital Management. On March 7, 2013, the Borrowers entered into a First Amendment to the Loan Agreements (the "First Amendment"), pursuant to which Prospect loaned the Borrowers an additional $60 million. 2020) (quoting Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009)). Full title:Ronald J. Friedman, as the trustee for the SportCo Creditors' Liquidation, Court:UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. 401(k)/403(b) Plan Litigation Risk Management, Analytics & Behavioral Science Consulting (R&G Insights Lab), Committee on Foreign Investment in the United States (CFIUS), E-Discovery, Discovery Strategies & Data Analytics, Executive Compensation & Employee Benefits, Government Enforcement / White Collar Criminal Defense, Life Sciences Licensing, Collaborations & Joint Ventures, The Music Stops on the Texas Two-Step: Third Circuit Dismisses LTL Bankruptcy Case. The amended complaint also details numerous emails sent by Mr. Carles and Mr. Johnson to a representative of Prospect, urging Prospect to defer its right to payment in the event of a default. 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. See Silvercreek Mgmt., Inc. v. Citigroup, Inc., 346 F. Supp. We look forward to hearing from you. The first and second causes of action are dismissed. This approach has historically delivered returns well above inflation Our clients Designed By, https://www.wellspringcapital.co.uk/disclaimer. Prospect is a sophisticated party and, to the extent that it wanted to confirm the predictions made by Mr. Carles and Mr. Johnson were in fact accurate, it could have exercised due diligence. If you want your business to survive, you need to understand your-self. Discretionary portfolio management with a difference, Make your investment with Wellspring Capital Management. The United States District Court for the District of South Carolina found in a fraudulent conveyance case, relying on Terry v. Walker, that South Carolina conflict of law rules should apply to determine the applicable substantive law. When it comes to helping companies that show promise, Wellspring Capital Management is overflowing with support. (quoting Bell Atl. 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 amended complaint does not allege that either Ellett or SportCo was insolvent at the time of the transfer or became insolvent as a result of the transfer. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. 1996)). SportCos negotiations were led by a SportCo director, who was also the managing partner of Wellspring Capital, SportCos equity sponsor.
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