The issue in Merritt Dredging was the sale of a barge and the priority of parties' interests in the proceeds of the sale. Cancellation and Refund Policy, Privacy Policy, and Flipbooks. It identifies undervalued companies whose share price does not properly reflect the true value of the business. Prior results do not guarantee a similar outcome. California Weighs $360,000 in Reparations to Eligible Black Residents. The Court does not have to decide whether Prospect is a preexisting or a subsequent creditor. We believe that this breadth and depth of experience enables the team to efficiently evaluate and complete acquisition opportunities across a broad range of industries. Litigation. 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. There are also no allegations concerning expenses. 2022 Wellspring Capital Management Group LLC |. For purposes of South Carolina law, the parties disagree whether Prospect was a preexisting creditor or a subsequent creditor. $46H$DrGHi`0I"DE$"J(aH! Tenn. 1991); 11 U.S.C. Regardless, market participantsand equity sponsors in particularshould view Wellspring as an important reminder as to how both process and substance matter in restructuring negotiations. EFFECTIVE DATE; SEC: Terminated: 3/2/2007: "[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.'" . PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Wellspring, 2021 WL 4823513, at *10. D.S.C. Practices: Federal Rule of Bankruptcy Procedure 7012(b). Wellspring Capital Management. Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. Investment Approach Target Investments Wellspring's objective is to acquire or invest in companies that are well-positioned to capitalize on change and can benefit from Wellspring's operating and financial expertise. Finally, in West Side Fed. Ronald J. Friedman, as the trustee for the SportCo Creditors' Liquidation Trust, Plaintiff, v. Wellspring Capital Management, LLC, Wellspring Capital Partners IV, L.P., WCM Genpar IV, L.P., WCM Genpar IV GP, LLC, Alexander E. Carles, Bradley Johnson, F. Hewitt Grant, Charles E. Walker, Jr., Todd Boehly, Bernard Ziomek, and Andrew Kupchik, Defendants. Wellspring Capital Management Investor Profile: Portfolio & Exits The court considered whether inaccurate credit ratings can form the basis for a negligent misrepresentation claim. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through . The court considered whether the plaintiff had proved the tort of innocent misrepresentation. The firm prefers to invest through means of carveout, buyouts, add-on, public to private and growth capital. Wellspring Capital, Mr. Carles, and Mr. Johnson were not insiders of AcuSport, and the amended complaint does not allege that they had any special knowledge or information about AcuSport that was not available to the public. The plaintiff's third cause of action, for negligent misrepresentation against defendants Wellspring Capital, Mr. Carles, and Mr. Johnson, must also be dismissed. 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. 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. On May 3, 2018, SportCo agreed to acquire AcuSport's assets in bankruptcy for $7 million. Wellspring Capital is a boutique discretionary management service with a portfolio positioned for high performance. The seller, PE outfit Levine Leichtman Capital Partners, purchased the company in 2015. Contact:KekstMark Semer or Peter Hill212.521.4800, Cision Distribution 888-776-0942 Wellspring Capital Management is a leading private equity firm headquartered in New York. Judge opens door for bankruptcy blame suits - Axios Wellsprings objective is to bring partnership, experience and value creation to each investment. We have interesting videos for you to watch on my site. PDF Wellspring CEO Takes Leave After Son Accused of Rape in Lawsuit In 2012, the year that the amended complaint alleges Ellett "achieved record sales and earned revenues of approximately $1.2 billion," Ellett and its operating subsidiaries (the "Borrowers") entered into a Third Amended and Restated Loan and Security Agreement and a Second Lien Loan and Security Agreement (collectively, the "Loan Agreements") with lenders including Prospect Capital Corporation ("Prospect"), pursuant to which Prospect and the other lenders loaned $280 million to the Borrowers. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. The Court now issues this order, granting the motions to dismiss for the reasons set forth below. To this end, Wellspring reinforces two key principles in particular: We encourage you to contact your Ropes & Gray team to discuss these matters more fully. See Silvercreek Mgmt., Inc. v. Citigroup, Inc., 346 F. Supp. Headquarters Location Lever House 390 Park Avenue New York, New York, 10022, United States The Loan Agreements and the First and Second Amendments each contain a choice of law provision, providing that New York law applies. We work with successful motivated individuals to help them achieve their investment and wealth management objectives. Law360 takes your privacy seriously. hb```e``jb`a`\ @1V h`2q:lp10qfaqB,X3s10iH(^t1 Wellspring Capital Management LLC operates as a private equity firm. Contribute to chinapedia/wikipedia.en development by creating an account on GitHub. Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Gymboree - Wikipedia Brought up in a family enjoying long-term success in real estate investment, Avrohom instead turned to the stock market. PLEASE SEE THIS LINK FOR FULL DISCLAIMER: This site is for informational purposes only. The portfolio manager is also a co-investor in the strategy. Wellspring Capital Management is a leading middle-market private equity firm headquartered in New York. This approach has historically delivered returns well above inflation. 90], Alexander E. Carles [Docket No. The amended complaint further states, "As recently as 2015, Ellett was the fifth largest private company in South Carolina and the largest distributor of firearms in the United States, with annual revenues of $750 million, over 350 employees nationwide, and 175 employees in South Carolina." your most valuable capital, your ultimate resource. If you want your business to survive, you need to understand your-self. We are taking this matter very seriously, and have launched an immediate internal investigation, Jeffrey Gould, Wellsprings head of marketing and investor relations, told investors last week in a note seen by Bloomberg News. Cases involving other matters not classified elsewhere, 890, 1890, 1990, 2890, 2899, 2999, 3375, 3890, 3896, 3899, 3999, 4890, 4896, 4999, Wellspring Capital Management, LLC; Wellspring Cap v. Barry, III et al. 3d 473, 506 (S.D.N.Y. Christopher Dawson: 5 Fast Facts You Need to Know - Heavy Home; About Us; Investment Approach. These all relate to a proposed business transactionthe purchase by Ellett of AcuSport. It is notable that the first and second causes of action are based only on South Carolina law; however, because the parties disagree as to whether South Carolina or New York law should apply, the Court will analyze the first and second causes of action under both. The District Court discussed the South Carolina Supreme Court's decision in Sheldon v. Blauvelt, 29 S.C. 453 (1888). Financial terms of the transaction were not disclosed. D.S.C. D. Del. Therefore, the plaintiff argues that he is only required to establish constructive fraud. P. 12(b)(6). Charles E. Walker, Jr. argued in support of dismissal due to lack of a triggering creditor based on Prospect's secured status, failure to state a claim under New York law due to lack of insolvency, on equity grounds because Prospect failed to obtain a personal guaranty from Mr. Walker and because the distributions were specifically contemplated by the loan transaction, and due to failure to state a claim for fraudulent conveyance under South Carolina law. 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 Debtors in the bankruptcy cases, pending in the District of Delaware, are SportCo Holdings, Inc.; Ellett Brothers, LLC; United Sporting Company, Inc.; Bonitz Brothers, Inc.; Evans Sports, Inc.; Jerry's Sports, Inc.; Outdoor Sports Headquarters, Inc.; Quality Boxes, Inc.; and Simmons Guns Specialties, Inc. 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. articles a month for anyone to read, even non-subscribers! Active, Closed, This describes the type of investor this organization is (e.g. 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. It had previously received notification, in early 2018, that the Borrowers would default on their obligation under the Loan Agreements and the Amendments in the second quarter of 2018. The firm's objective is to bring partnership, experience and value creation to each investment. Salaries posted anonymously by Wellspring Capital Management employees. My company, Asia Marketing and Management, has global ambitions but consists largely of me and the intelligence, experience, contacts, and per-sonality I bring to my clients . Working at Wellspring Capital Management | Glassdoor W.D. The alleged statements simply do not constitute actionable statements that can form the basis of a negligent misrepresentation claim. They are simply not statements of preexisting fact that were false when made. The December 26, 2017 email stated, "So you will waive [your interest payments]. Trump legal team requests six-month delay in New York civil lawsuit 19.)1. hbbd``b`u@IHEX 3X "2A`V @B'Hl``bdV8 2h It featured lower-priced clothing and was Gymboree's direct competitor for The Children's Place and Old Navy.. PLEASE NOTE: A verification email will be sent to your address before you can access your trial. 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 emails, often using colorful language and harassing tones, essentially represent to Prospect that if the AcuSport transaction is not completed, Prospect will not get paid on its obligations. As part of the debt management process, it said it would close 375 of its 1,300 stores. July 5, 2017). [cV3ljHkT/bx @A,20p1 ks 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 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. Id. The court addressed the dissent's finding, that the defendant's determination of the number of parking spaces was a matter of judgment or opinion and was therefore unactionable. Adversary Proceeding No. Wellspring Capital Management, founded in 1995, is a middle-market private equity firm that has approximately $2 billion of private equity capital under management. Will Others Follow? 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. Another email stated, in part: "Gotta get your interest? James brought a civil suit against Trump in September, alleging the Trump organization had fraudulently inflated the value of . 1999)). Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. Bill Dawson is taking time off from his $2.2 billion private equity firm Wellspring Capital Management, which will investigate the claims of . Wellspring Capital Management, LLC; Wellspring Cap v Barry, III et al 2d 317 (S.D.N.Y. The plaintiff responds that the express terms of the choice of law provisions provide that the clause applies only to the parties to the Loan Agreements and the Amendments and that the defendants' indirect connection to the parties to the agreements, and the nature of their received benefit, a distribution, are not sufficient to render them third-party beneficiaries of the Loan Agreements and the Amendments. Use tab to navigate through the menu items. 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 is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Industry: Investment & Asset Management. Business Restructuring, The defendants' motions to dismiss are granted. We look forward to carrying forward that vision and continuing our success in the years ahead.". Already a subscriber? From reading the Financial Times at school to managing his first portfolio at just 18, he has built Wellspring Capital into a nationwide wealth management boutique. Many of the facts underlying the Wellspring decision are neither unique nor unusual. 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. The plaintiff, however, asserts that federal conflict of law principles should govern what state's law applies in this case, because "[a] claim under 544(b) incorporates 'applicable law,' but it is a claim under federal law with a substantive federal law recovery scheme." Wellspring Capital Management Acquires Cadence Petroleum Group v. Holmes (In re Holmes), 610 B.R. Alexander Carles' and Bradley Johnson's arguments are limited to the negligent misrepresentation cause of action, the only cause of action asserted against them. Wellspring Capital Management LLC - Dun & Bradstreet Wellspring targets investments with the following characteristics: Despite that agreement in principle, it was alleged in relevant part that: Unable to agree on the release and indemnification issue, SportCos out-of-court restructuring failed, and SportCo defaulted on its funded debt shortly thereafter. The parties are in agreement that New York and South Carolina law regarding negligent misrepresentations are substantially similar and that as a result, the Court is not required to engage in a choice of law analysis as to the third cause of action. An outside law firm will assist with the probe to determine the validity of these reports, which allege behavior that is not only shocking but completely inconsistent with our corporate values and standards., Family calls complaint pure fiction intended as a shakedown, Dawson steps away from firm to spend time with his family. Even California Democrats don't want Newsom to run for president Accordingly, Wellspring reinforces the importance of disinterested governance and arms length dealing in connection with the restructuring process. Id. In 2010, Bain Capital acquired the company for US$1.8 billion. Wellspring buys PE-backed Center for Diagnostic Imaging Phone: 650 729-8626. Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The company will explode Rich!" 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." You have to know whats happening with clients, competitors, practice areas, and industries. The plaintiff responds that the statements relate to presently existing facts and that opinions are actionable in a negligence context. 91], F. Hewitt Grant [Docket No. In Ashmore for Wilson, the District Court considered the question of how a fraudulent conveyance claim should be characterized for conflict of law purposes. Wellspring Capital is a boutique discretionary management service - with a portfolio positioned for high performance. 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. Wellspring Capital Management Company Profile | Management and Under certain conditions, section 548 allows the avoidance of a transfer made within two years of the date of the filing of the bankruptcy petition. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Crazy 8 was started in August 2007. Wellspring Capital buys Center for Diagnostic Imaging - Minneapolis Wellspring CEO Takes Leave After Son Accused of Rape in Lawsuit at 321. An actual fraudulent conveyance is any "conveyance made . The February 20, 2018 stated, "You're [sic] economics are going down and the risk of chapter is going up. REGISTRATION STATUS . In June 2017, Gymboree announced it was filing for Chapter 11 bankruptcy protection. Defendant Bernard Ziomek is in default in this matter. E-mail: sandra@wellspring-cap.com; Videos. In support of this argument, the plaintiff cites a case from the United States District court for the District of Idaho, which was affirmed by the Ninth Circuit, as well as a case from the United States Bankruptcy Court for the Southern District of Texas, in which the court stated that 544(b) claims are unique "because they exist only to the extent of applicable state law," but then found, "Even so, such claims are not pendant state claims in federal bankruptcy cases, but are federal causes of action rooted in federal bankruptcy law and policy." 609, 614 (Bankr. The defendant represented to the plaintiff, and to an appraiser who performed an appraisal of the garage, that the parking garage had 500 parking spaces. James Chan - Spare Room Tycoon - The Seventy Lessons of Sane Self Lister v. NationsBank of Delaware, N.A., 329 S.C. 133, 143 (Ct. App. 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. 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 By teaming up with strong management, Wellspring is able to unlock underlying value and. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American.
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