Halsey Knapp and Adam Sparks are defending a senior living facility developer in a business divorce from his brother-in-law who, despite failing to make capital contributions, contends under an oral agreement that he is entitled to a partial ownership interest in each senior facility project which each reside in 9 or more separate limited liability companies. The Fulton Business Court dismissed all claims based on alleged violations of the duty of loyalty due to the disclaimer language found in operating agreements. Summary judgment motions are due to be filled in early 2019. BSL Holdings, LLC v. Alfred S. Holbrook, III, Civil Action No. 2016 CV 278256 Fulton County Business Court (Judge Long).
Ownership Without Capital Contribution??