wellspring capital management lawsuit

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. Wellspring Capital Management Closes Fund VI at $1.415 Billion 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. . Password (at least 8 characters required). Wellspring Capital Management, LLC; Wellspring Cap. 101 (32). Wellspring Capital Management, LLC; Wellspring Cap v Barry, III et al 2005)). For the reasons set forth below, under the law of either state, the plaintiff's first and second causes of action must be dismissed. The plaintiff responds that Prospect is a preexisting creditor because the distributions were not made until after Prospect became a creditor when the Loan Agreements and the Amendments were signed. Pentec Health Inc. Acquired by Wellspring Capital Management We have interesting videos for you to watch on my site. Since its founding in 1995, Wellspring has raised over $4.0 billion of initial capital commitments through . D.S.C. Wellspring Capital Management Investor Profile: Portfolio & Exits Wellsprings investment professionals possess diverse and complementary backgrounds that combine valuable experience in private equity, restructuring, corporate finance, capital markets and corporate law. We are motivated and incentivised to succeed. The Wellspring Defendants asserted all of these arguments and also asserted failure to state a claim under section 550 against certain defendants. Seth Pearson - Managing Director - Private Equity - York Capital Wellspring Capital Management - Investments, Portfolio & Company Exits There are different definitions of insolvency. 6. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? 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." The plaintiff, Ronald J. Friedman, the trustee for the SportCo Creditors' Liquidation Trust, filed an omnibus response to the motions to dismiss [Docket No. 541, 546 (Bankr. In April 2018, Prospect agreed to defer two quarters of cash interest payments. Angel, Fund of Funds, Venture Capital), General contact email for the organization. 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. App'x 143 (4th Cir. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. . 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. Martin Davis, 72; Created Modern Paramount, "Financial Firm Wellspring Capital to Take Penthouse at 605 Third Avenue", "Wellspring Capital Management taps $1.45bn Fund VI for Cadence Petroleum Group buyout", "SupplyOne Acquires Fellow Packaging Distributor Romanow Container", "Healthcare & Life Sciences Private Equity Deal Tracker: Wellspring Acquires Pentec Health", https://en.wikipedia.org/w/index.php?title=Wellspring_Capital_Management&oldid=1118006247, This page was last edited on 24 October 2022, at 18:15. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. "[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.'" If you do not agree with these terms, then do not use our website and/or services. 962 0 obj <>stream %%EOF Home; About Us; Investment Approach. 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 does not dispute that the amended complaint does not plead actual fraud, and it clearly does not. *aUQBT&1#J$8Q)=WE9M'v1s_)GG+.kbN;yELi.UD1N{f'u$y`'GCJfS;4yXwbW${%^tcxG2}+/P@U `a$b6? The December 26, 2017 email stated, "So you will waive [your interest payments]. 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. Lister v. NationsBank of Delaware, N.A., 329 S.C. 133, 143 (Ct. App. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. 2008) (citing Southmark Corp. v. Crescent Heights VI, Inc. (In re Southmark Corp.), 95 F.3d 53, 53, n.7 (5th Cir. Law360 takes your privacy seriously. The 2011 Wellspring Capital Partners V LP was fully invested at $1.2 billion and has generated positive returns for its investors to-date. Id. Ripoff Report | scalp-med complaints, reviews, scams, lawsuits and Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. 2012) and West Side Fed. The defendants argue that as a subsequent creditor, Prospect is required to plead actual fraud, and the amended complaint fails to do so. Accordingly, SportCo began negotiations with certain of its lenders around a potential restructuring transaction. . E-mail: sandra@wellspring-cap.com; Videos. 3d 341, 357 (D.S.C. Wellspring Capital Management LLC operates as a private equity firm. Find More Contacts for Wellspring Capital Management, Edit Lists Featuring This Company Section, European Regulation Ushers In Global Future For Fundraising, Wellspring Capital Management Acquires Caring Brands International, Private Equity Firms with Investments in United States, Greater New York Area Investors with Funds Raised in 2017, Private Equity Firms with Investments in Asia. Wellspring Capital Management, founded in 1995, is a middle-market private equity firm that has approximately $2 billion of private equity capital under management. I Shall [Not] Be Released: Wellspring, Director Releases, and the Duty A finding that Prospect is a preexisting creditor compels the same result. 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. Wellspring Capital Management is a leading private equity firm headquartered in New York. New York law and South Carolina law differed as to whether such a transfer was permitted. Finally, in West Side Fed. The Wellspring ruling was not appealed, nor has any trial occurred on this matter. Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. 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. PLEASE NOTE: A verification email will be sent to your address before you can access your trial. W.D. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Additionally, the plaintiff argues that the third element of New York's third-party beneficiary test is not met because there is no express intent in the Loan Agreements or the Amendments to compensate the defendants in the event the distributions were not paid and in fact, the Loan Agreement indicates the opposite by virtue of the inurement clause found in Section 13.1. Make your practice more effective and efficient with Casetexts legal research suite. Judge opens door for bankruptcy blame suits - Axios Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. These tools have been used since the firm's inception in 1995 to generate consistent business improvement in its portfolios. Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States SportCo later filed a free fall bankruptcy and liquidatedallegedly causing substantial losses for unsecured creditors that would not have occurred had SportCo accepted that agreement in principle allegedly reached in December 2018. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. .JFY+h!Hkw;s"$ 4AuF~!D =j]4z*g7i>B 1NEDm @@,!ptz"Br}-rh>wI }9.&>5/n2n/OefX 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. [Amended Complaint, 32]. In 2008, Wellspring Capital, through its fund Wellspring Capital Partners, acquired Ellett. There are also no allegations concerning expenses. articles a month for anyone to read, even non-subscribers! These all relate to a proposed business transactionthe purchase by Ellett of AcuSport. The seller, PE outfit Levine Leichtman Capital Partners, purchased the company in 2015. ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. 23, 2006) (stating that some courts characterize fraudulent conveyance actions as tort actions, while others characterize them as matters in equity).