101 Silver Corp., and A and E Limited Partnership v. 101 Ave A, LLC
Rosenberg & Estis, P.C. successfully represented our clients, plaintiffs 101 Silver Corp., and A and E Limited Partnership, in obtaining summary judgment on a claim totaling nearly $2.2 million. In 2011, the plaintiffs had entered into an agreement that would give up a controlling interest in 101 Avenue of the Americas, a commercial office building, to 101 A of A LLC, an entity controlled by Edward Minskoff. According to the agreement, our clients were entitled to a $2 million distribution from the company, along with a percentage return of nearly $200,000, on the third anniversary of the agreement.
As the anniversary approached, plaintiffs informed the company that the distribution due date was approaching. 101 A of A LLC claimed that the plaintiffs were in breach of the agreement for failing to provide unspecified books and records and refused to pay the distribution.
On behalf of its clients, Rosenberg & Estis sued the company and moved for summary judgement. In opposition, the defendant claimed that plaintiffs’ purported failure to provide books and records was a “material breach,” which justified the defendant’s refusal to pay the distribution. Justice Charles Ramos granted Rosenberg & Estis‘ motion, stating that the company’s defense was frivolous and that the distribution was due.
(Supreme Court, New York County, Commercial Division, Decided 10/23/2015)
(Rosenberg & Estis, P.C. Team: Warren A. Estis )