The February 20, 2018 stated, "You're [sic] economics are going down and the risk of chapter is going up. Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. In Fall 2018, SportCo Holdings, Inc. (SportCo) was facing severe financial distress. For purposes of South Carolina law, the parties disagree whether Prospect was a preexisting creditor or a subsequent creditor. Sec'y of State for Def. Attorney advertising. Wellspring Capital Management is a leading private equity firm headquartered in New York. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. A social media content creator signed an agreement with Birchbox in May of 2022 and hadn't been paid the $2,500 due as of Jan. 24, despite several emails to the company. (Compl. For the reasons set forth above, the first, second, and third causes of action set forth in the plaintiff's amended complaint fail to state claims for which relief can be granted. Wellspring brought its assets under management to more than $4.4 billion as of January 2018. Id. At all times relevant to these claims, Wellspring Capital controlled (a) Wellspring Capital Partners Wellspring Capital is a boutique discretionary management service with a portfolio positioned for high performance. 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 Finally, in West Side Fed. Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. PLEASE SEE THIS LINK FOR FULL DISCLAIMER: https://www.wellspringcapital.co.uk/disclaimer. Wellspring Capital Management is a middle-market private equity financing firm. 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. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. Section 544(b) states: The defendants' motions assert numerous arguments in support of the assertion that the Court must dismiss the plaintiff's causes of action. ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. The United States Court of Appeals for the Third Circuit wasted no time getting the new year off to a roaring start through its ruling in In re LTL Mgmt., LLC, Case No. The Wellspring ruling was not appealed, nor has any trial occurred on this matter. Id. 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 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. 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. Sounds like a tidy deal at year end [2017] made a lot of sense." at 385. EFFECTIVE DATE; SEC: Terminated: 3/2/2007: 2022 Wellspring Capital Management Group LLC |. Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Todd Boehly filed a joinder to the Wellspring Defendants' motion to dismiss. The firm's objective is to bring partnership, experience and value creation to each investment. Ashmore for Wilson v. Dodds, 262 F. Supp. By Zachary Zagger (July 31, 2020, 9:56 PM EDT) -- 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 millions of dollars from gun seller United Sporting Cos. Inc., which blamed its bankruptcy on Donald Trump's win in the 2016 election. Access to case data within articles (numbers, filings, courts, nature of suit, and more. Tex. Wellspring Capital Management LLC operates as a private equity firm. Practices: . Contact:KekstMark Semer or Peter Hill212.521.4800, Cision Distribution 888-776-0942 1997) (citing Bannister v. Hertz Corp., 316 S.C. 513 (Ct. App. However, whether a fraudulent conveyance action is characterized as a tort action is unsettled. Ellett achieved high sales and revenues and had significant operations until sometime in 2016, when its profits began to decrease. 2020) (quoting Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009)). 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. If you want your business to survive, you need to understand your-self. The. 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." Active, Closed, This describes the type of investor this organization is (e.g. 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. Consumers want to see how a business took care of business. See Silvercreek Mgmt., Inc. v. Citigroup, Inc., 346 F. Supp. 2009). The District Court in Ashmore for Wilson stated: The parties' arguments regarding what law applies to the plaintiff's fraudulent conveyance claims present some complicated and novel questions; however, it is not necessary for the Court to decide whether the defendants are third party beneficiaries of the Loan Agreements or the Amendments. F. Hewitt Grant asserted the lack of a triggering creditor due to Prospect Capital Corporation's knowing participation in the transfers and failure to state a claim under New York law due to lack of insolvency and under South Carolina law due to failure to plead actual fraud. Lister v. NationsBank of Delaware, N.A., 329 S.C. 133, 143 (Ct. App. CDI's smaller Atlanta peer said to weigh sale in '18. This approach has historically delivered returns well above inflation. Whether youre building capital for your family, retirement or other life goals, we can help you with our high conviction and disciplined investment style. Angel, Fund of Funds, Venture Capital), General contact email for the organization. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through six private equity funds. 1999)). & Loan Ass'n of New York City, the plaintiff loaned funds to the defendant, secured by a mortgage on a parking garage. The amended complaint is dismissed. They were not statements of presently existing fact. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. "); Terry v. Walker, 2006 WL 736861, at *5 (W.D. The Wellspring Defendants asserted all of these arguments and also asserted failure to state a claim under section 550 against certain defendants. PLEASE NOTE: A verification email will be sent to your address before you can access your trial. Wellspring Capital Management is a leading private equity firm headquartered in New York. Hiding negative complaints is only a Band-Aid. The plaintiff, Ronald J. Friedman, the trustee for the SportCo Creditors' Liquidation Trust, filed an omnibus response to the motions to dismiss [Docket No. The plaintiff's third cause of action, for negligent misrepresentation against defendants Wellspring Capital, Mr. Carles, and Mr. Johnson, must also be dismissed. In Sheldon, the defendant, a New York citizen, assigned some personal property to Mr. Dickinson. The firm's objective is to bring partnership, experience and value creation to each investment. 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. 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. 2005)). 2021 by wellspring capital Management. Wellspring Capital Management is a leading private equity firm headquartered in New York. View contacts for Wellspring Capital Management to access new leads and connect with decision-makers. Wellspring also rejected in cursory fashion the defendants argument that it is not necessarily a breach . 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 plaintiff's first and second causes of action are based on 11 U.S.C. 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." 8h`6$67Xn@,`& 101 (32). Salaries posted anonymously by Wellspring Capital Management employees. The Court now issues this order, granting the motions to dismiss for the reasons set forth below. All rights reserved. $46H$DrGHi`0I"DE$"J(aH! Phone: 650 729-8626. 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. 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. . Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. There are no allegations in the amended complaint that the debtors' liabilities exceeded their assets at the time of the transfers. The defendants' remaining arguments need not be addressed. These are high quality companies, essential to the national, regional, or global economy but whose fundamental qualities are underappreciated and undervalued by the market. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. Wellspring has earned the reputation as a trusted, reliable partner and is often the preferred partner of a portfolio companys senior management team. 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.