The middle-market private equity firm invests in companies with strong business . 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. When it comes to helping companies that show promise, Wellspring Capital Management is overflowing with support. Under either New York or South Carolina law, the plaintiff's third cause of action for negligent misrepresentation fails to state a claim for which relief can be granted. 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. 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. $46H$DrGHi`0I"DE$"J(aH! These tools have been used since the firm's inception in 1995 to generate consistent business improvement in its portfolios. 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. 544 and 550 and S.C. Code 27-23-10; and (3) negligent misrepresentations against Wellspring Capital, Mr. Carles, and Mr. Johnson. New York law regarding third party beneficiaries provides: With respect to South Carolina's choice of law analysis, South Carolina conflict of law principles provide that "the substantive law governing a tort action is determined by the state in which the injury occurred." Most of them do not even contain any concrete information about the proposed AcuSport purchase or the likelihood of the Borrowers' default. Phone: 650 729-8626. Similarly, Merritt Dredging suggests that federal law would apply to a section 548 cause of action, but that state law should apply to fraudulent conveyance claims based on state law. [cV3ljHkT/bx @A,20p1 ks Defendant Bernard Ziomek is in default in this matter. Va. June 8, 2011) (acknowledging that Maryland law is not clear regarding whether a fraudulent conveyance action sounds in tort, but concluding that "given that the gravamen of the fraudulent conveyance claim is the wrongfulness of the conveyance and the injury to the creditor, rather than balancing equities or fairness, it is appropriate to conclude that fraudulent conveyance claims sound in tort. After all, corporate decisionmakers are often tasked with choosing a path where outcomes are at best uncertain. Wellspring Capital Management. In June 2019, SportCo and its subsidiaries (the "Debtors") filed chapter 11 bankruptcy cases in the United States Bankruptcy Court for the District of Delaware. Wellspring Capital Management Portfolio Investments, Wellspring Capital [Amended Complaint, 37, 40]. 91], F. Hewitt Grant [Docket No. Wellspring also rejected in cursory fashion the defendants argument that it is not necessarily a breach . 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." The defendants' motions to dismiss are granted. 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. They were not statements of presently existing fact. Wellspring Capital Management, founded in 1995, is a middle-market private equity firm that has approximately $2 billion of private equity capital under management. Mr. Friedman filed an amended complaint the same day. Wellspring Capital Acquires SupplyOne | Markets Insider E-mail: sandra@wellspring-cap.com; Videos. .JFY+h!Hkw;s"$ 4AuF~!D =j]4z*g7i>B 1NEDm @@,!ptz"Br}-rh>wI }9.&>5/n2n/OefX Founded in 1995, Wellspring Capital Management is a private equity firm headquartered in New York, New York. 3d 473, 506 (S.D.N.Y. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. A former employee of Wellspring Capital Management filed a lawsuit in a New York Thursday alleging that the CEO's son, Christopher Dawson, drugged and repeatedly raped her one night in the. "); Terry v. Walker, 2006 WL 736861, at *5 (W.D. A free inside look at Wellspring Capital Management salary trends based on 22 salaries wages for 17 jobs at Wellspring Capital Management. The adviser's REGISTRATION status is listed below. . 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. Antares Capital Supports Wellspring Capital Management's Acquisition of 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. The South Carolina Supreme Court stated that New York law would govern the validity of the transfer before it, unless applying New York law would result in a violation of South Carolina public policy. your most valuable capital, your ultimate resource. Id. Our tight-knit culture enables transparent oversight and a streamlined decision-making process. For the reasons set forth below, under the law of either state, the plaintiff's first and second causes of action must be dismissed. Wellspring Philanthropic: An Ocean of "Dark Money" on the Left Wellspring Capital Management is a leading middle-market private equity firm headquartered in New York. The firms objective is to bring partnership, experience and value creation to each investment. On May 3, 2018, SportCo agreed to acquire AcuSport's assets in bankruptcy for $7 million. 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. [Amended Complaint, 31]. Their most recent acquisition was Caring Brands International on Oct 25, 2021. 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. In Ashmore for Wilson, the District Court considered the question of how a fraudulent conveyance claim should be characterized for conflict of law purposes. From October 2017 to April 2018, Mr. Carles and Mr. Johnson sent numerous emails to representatives of Prospect, attempting to induce Prospect to agree to forego exercising its rights in the event of a default. Munich, by far the largest city in southern Germany, lies about 30 miles (50 km) north of the edge of the Alps and along the Isar River, which flows through the middle . with actual intent . 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. Private equity firm Wellspring Capital Management has acquired Caring Brands International, parent company of home health and hospice franchise company Interim Healthcare, for an undisclosed amount. View contacts for Wellspring Capital Management to access new leads and connect with decision-makers. Wellspring Capital Exits Strategic Investment in Great Lakes Caring The assignment was executed in New York, but the personal property was located in South Carolina at the time the assignment was executed. D.S.C. Defendant Wellspring Capital Management LLC is a Delaware limited liability company with its principal place of business at 390 Park Avenue, New York, New York 10022. Finally, one place to get all the court documents we need. 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. Revenue: $500 million to $1 billion (USD) Competitors: Unknown. The defendants argue that New York law should apply, first, because the Loan Agreements and the First and Second Amendments contain choice of law provisions stating that New York law will apply and second, because South Carolina choice of law analysis dictates that New York law should apply. About Us - Wellspring Capital Sav. See Francis v. Giacomelli, 588 F.3d 186, 192 (4th Cir. Broker-Dealers Business & Commercial Litigation Business Restructuring California Consumer Privacy Act Capital Markets Capital Solutions & Private Credit Charitable Foundations China Life Sciences Committee on Foreign Investment in the United States (CFIUS) Consumer Protection and Advertising Law Corporate & Securities Litigation The February 20, 2018 stated, "You're [sic] economics are going down and the risk of chapter is going up. Haynsworth Sinkler Boyd, P.A. This is the best way to manage and repair your business reputation. In June 2017, Gymboree announced it was filing for Chapter 11 bankruptcy protection. Tex. 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. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. [Amended Complaint, 54]. Musk Made a Mess at Twitter. CDI's smaller Atlanta peer said to weigh sale in '18. 1999)). 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. 1996)). The Court further notes that here, section 548 is not available to the plaintiff due to the timing of the transfers and the bankruptcy filings. ~p03ngx1Ai63*oP 4TP3Nt'xn0R8tJ'a7D2P6ILky6L;0;0SUNrtd t ";Qb[K-Ii 1g%\i) IZ3uAH0J40v0xt0v40Xt8 y CJ3t@y`$21kL Id. hbbd``b`u@IHEX 3X "2A`V @B'Hl``bdV8 2h The alleged statements simply do not constitute actionable statements that can form the basis of a negligent misrepresentation claim. As we here at Ropes & Gray look back on 2021 and ahead into 2022, we call your attention to the lessons of Friedman v. Wellspring Capital Mgmt., LLC (In re SportCo Holdings, Inc.), Case No. Designed By, https://www.wellspringcapital.co.uk/disclaimer. Headquarters Location Lever House 390 Park Avenue New York, New York, 10022, United States Federal Rule of Bankruptcy Procedure 7012(b). Wellspring Capital Management, founded in 1995, is a middle-market private equity firm that has approximately $2 billion of private equity capital under management.
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