The District Court dismissed the complaint upon a finding that the express contractual indemnification claim pleaded therein failed to state a claim upon which relief could be granted and that the restitution, unjust enrichment, implied contract, and breach of fiduciary duty claims were time barred by New York's statute of limitations. Accordingly, we affirm the judgment of the District Court without reaching the merits of whether Am Base's various claims either fail to state a claim upon which relief can be granted or are time barred. The Parties City Investing Company (“City”) was a publicly-held Delaware holding company that was dissolved and liquidated in 1985. Defendant-appellee George Scharffenberger was a Trustee of the Trust since its creation and served as Chairman of the Board of Directors of Am Base from prior to 1985 until January 1993, and as Am Base's Chief Executive Officer from March 1990 until May 1991.
The District Court further denied Am Base leave to amend its complaint because the breach of contract and breach of third-party beneficiary contract claims Am Base sought to add in its amended complaint were also time barred. Before its dissolution and liquidation, City was the holding company for a multinational conglomerate with subsidiaries in the manufacturing, housing, and insurance industries. Defendant-appellee Eben Pyne has been a Trustee of the Trust since its creation and was a member of the Am Base Board from prior to 1985 until January 1993.
The fund founded by Max Holmes, who now teaches at NYU’s Stern school of business, was investigated by the SEC for inflating investors assets to receive excessive fees. were put into voluntary liquidation in the Cayman Islands on December 31st 2013 according to public filings at ky According to investors, the portion of assets in these funds is only a sub/residual piece of what Plainfield had originally invested in. Sole started with Hudson Bay in 2011, he was one of Max Holmes right hand guys helping pick investments for the failed fund.
The SEC cleared the fund of its investigation in June 2012, according to a letter from the SEC, but Holmes was extremely slow in winding down the fund. Plainfield was also investigated by the Manhattan D. for its loan to own practices with small cap companies but was never charged by the D. The Hudson Bay Absolute Return Credit Opportunities Fund made the offer to Plainfield investors, who are mostly institutional money, on December 16th 2014.
READ MORE: * Big promises, broken dreams * Whitley jailed for m fraud * Ph D claim made Whitley believable Philip was imprisoned for five years in 2010 after defrauding 490 investors of more than million on the basis that he had invented computer software technology that could make him "richer than Bill Gates", co-founder of Microsoft.A former top dog portfolio manager at hedge fund Plainfield Asset Management, Marc Sole, is using the funds of his new hedge fund to try and buy out remaining investors in the now defunct Plainfield for a discount.According to offer documents seen by this reporter Sole, who now works for billion Hudson Bay Capital, offered investors in four liquidating Plainfield funds 52 cents on the dollar. In 1985, as part of its dissolution and liquidation, City consummated a transaction pursuant to which it distributed out its assets and liabilities.While at Am Base, Mantell (a tax attorney) had significant responsibility for Am Base's tax matters. The Assignment of Certain Liabilities From City to Am Base Pursuant to an August 1985 Assignment Agreement, Am Base assumed certain liabilities of City in consideration for City's payment of 8,767,000 and the unwinding of certain debits and credits relating to intercorporate transactions.
Our talented staff of Auctioneers and real estate professionals have the tools to handle any kind of auction property or traditional real estate transaction in today’s marketplace.