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. 2012) and West Side Fed. 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." In connection with this contemplated purchase, Alexander Carles, a managing partner of Wellspring Capital and an officer and director of SportCo and its subsidiaries, and Bradley Johnson, the president and chief executive officer of SportCo and its subsidiaries, sought to convince Prospect to forbear from exercising any remedies in the event of a payment default. Wall Street tycoon takes leave of absence after lawsuit claims his son 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. 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 . Wellspring, 2021 WL 4823513, at *10. The. This approach has historically delivered returns well above inflation Our clients Their most recent acquisition was Caring Brands International on Oct 25, 2021. Wellspring targets investments with the following characteristics: In Wellsprings view, the extent to which releases might have benefitted SportCo (as opposed to benefiting the directors alone) was at least in part a question of fact that could not be resolved on a motion to dismiss. 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. 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. 2008) (citing Southmark Corp. v. Crescent Heights VI, Inc. (In re Southmark Corp.), 95 F.3d 53, 53, n.7 (5th Cir. pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. from 8 AM - 9 PM ET. This article about a private equity or venture capital firm based in the United States is a stub. 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. The portfolio manager is also a co-investor in the strategy. Id. Even among California Democrats, Newsom is still in the negatives, with 54% wanting him to sit out in 2024 and only 35% wanting him to run. Further, if the statement is solely a speculative prediction about some potential business venture or course of action being contemplated, it is not actionable. If you do not agree with these terms, then do not use our website and/or services. 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 Our returning and new limited partners share our belief in the unique value proposition that Wellspring brings to the investment process, with our focus on strategic partnership and tailored approach to each investment. Brought up in a family enjoying long-term success in real estate investment, Avrohom instead turned to the stock market. Wellspring Capital buys Center for Diagnostic Imaging - Minneapolis By Zachary Zagger (July 31, 2020, 9:56 PM EDT) -- Private equity firm Wellspring Capital Management LLC on Friday hit a slew of its insurers with a suit in New York state court alleging they must defend it against claims that it plundered millions of dollars from gun seller United Sporting Cos. Inc., which blamed its bankruptcy on Donald Trump's win in the 2016 election. Access to case data within articles (numbers, filings, courts, nature of suit, and more. View Videos. Mar 19, 2019 New York private equity firm Wellspring Capital Management said Monday it has acquired Center for Diagnostic Imaging, a Minneapolis-based operator of MRI and CT scanners that. Prior results do not guarantee a similar outcome. King County, 863 F. Supp.2d at 318. Finally, in West Side Fed. Haynsworth Sinkler Boyd, P.A. Use tab to navigate through the menu items. The amended complaint is dismissed. Their most recent investment was on Jan 1, 2020, when Steele Solutions raised Wellspring Capital formed SportCo Holdings, Inc. ("SportCo") to serve as a holding company for United Sporting Company, Inc. ("United Sporting"), Ellett's direct parent; Ellett; and its subsidiaries. Salaries posted anonymously by Wellspring Capital Management employees. In April 2018, Prospect agreed to defer two quarters of cash interest payments. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? In early 2018, Wellspring Capital notified SportCo's secured lenders that SportCo would default on a $4.7 million interest payment due in the second quarter of 2018. 915 0 obj <> endobj The defendants filed separate motions. An actual fraudulent conveyance is any "conveyance made . App'x 143 (4th Cir. A finding that Prospect is a preexisting creditor compels the same result. Founded in 1995, Wellspring Capital Management is a private equity firm headquartered in New York, New York. 92], Todd Boehly [Docket No. The plaintiff relies on the fact that Ellett was unable to pay the debt owed to Prospect at the time that it had to be paid in full; however, this is not the only relevant point in time. 1997) (citing Bannister v. Hertz Corp., 316 S.C. 513 (Ct. App. Otherwise you cannot get paid." As with the plaintiffs assertions around disinterested governance, such allegations may (or may not) bear any semblance to the actual facts. Wellspring Capital Management is a leading middle-market private equity firm headquartered in New York. The legal team representing former President Donald Trump formally has requested a six-month delay in the civil case filed against him by New York Attorney General Letitia James. Wellspring Capital Management Group LLC ("Wellspring"), a New York-based private equity firm, announced that on May 29, 2020, it closed the acquisition of Steele Solutions, Inc. ("SSI" or the "Company"), a value-add supplier into the industrial automation sector. Over $134 million of the loan proceeds were used to fund distributions to Wellspring Capital Partners, WCM GenPar IV, L.P., WCM GenPar IV GP, LLC, F. Hewitt Grant, Charles E. Walker, Jr., Todd Boehly, Bernard Ziomek, and Andrew Kupchik (collectively, the "Transferee Defendants"). 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. SEC / JURISDICTION. We look forward to carrying forward that vision and continuing our success in the years ahead.". UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. The firm's objective is to bring partnership, experience and value creation to each investment. At Wellspring we pride ourselves on client service. Wellspring Capital Management is a leading middle-market private equity firm headquartered in New York. Wellspring Capital Exits Strategic Investment in Great Lakes Caring View contacts for Wellspring Capital Management to access new leads and connect with decision-makers. "); Terry v. Walker, 2006 WL 736861, at *5 (W.D. We see how Bembury is able to walk the line of business convention while taking his art to new heights, turning ordinary items into extraordinary footwear. E-mail: sandra@wellspring-cap.com; Videos. 930 0 obj <>/Filter/FlateDecode/ID[<6781EE974E7B2C4D9274E8F359D28E60>]/Index[915 48]/Info 914 0 R/Length 80/Prev 600062/Root 916 0 R/Size 963/Type/XRef/W[1 2 1]>>stream Particularly where negotiations may involve releases, indemnification, or similar provisions, be advised that the ever-present tendency for counterparties to exercise 20/20 hindsight is fully in effect. Friedman v. Wellspring Capital Mgmt. (In re Sportco Holdings) 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. The District Court in Ashmore for Wilson stated: The parties' arguments regarding what law applies to the plaintiff's fraudulent conveyance claims present some complicated and novel questions; however, it is not necessary for the Court to decide whether the defendants are third party beneficiaries of the Loan Agreements or the Amendments. You can review interesting Flipbooks on my site. PDF In the United States Bankruptcy Court for The District of Delaware As part of the debt management process, it said it would close 375 of its 1,300 stores. 2020) (quoting Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009)). (quoting Edwards v. City of Goldsboro, 178 F.3d 231, 244 (4th Cir. Wellspring Sues Insurers To Fight Claims It Tanked Gun Seller Exempt Reporting Advisers ("ERA") are investment advisers that are not required to register as investment advisers because they rely on certain exemptions from registration under sections 203 (l) and 203 (m) of the Investment Advisers Act of 1940 and related rules. Make your practice more effective and efficient with Casetexts legal research suite. 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. PLEASE NOTE: A verification email will be sent to your address before you can access your trial. Id. Wellspring Capital Management is a middle-market private equity financing firm. Accordingly, Wellspring reinforces the importance of disinterested governance and arms length dealing in connection with the restructuring process. Wellspring Capital Management LLC Chief Executive Officer Bill Dawson has taken a leave of absence, days after a former employee alleged in a lawsuit that he threatened her for accusing his son of sexual assault. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Wellspring Capital Management. Judge opens door for bankruptcy blame suits - Axios Wellspring Capital Partners VI Profile: Investments & Returns | PitchBook After the defendants filed replies, the Court held a hearing on June 18, 2020. Fund VI brings the firm's assets under management to more . Crazy 8 was started in August 2007. Type: Company - Private. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. Will His AI Plans Be Any Different? On March 7, 2013, the Borrowers entered into a First Amendment to the Loan Agreements (the "First Amendment"), pursuant to which Prospect loaned the Borrowers an additional $60 million. Wellspring Capital Management is a middle-market private equity firm that has approximately $2 billion of private equity. It featured lower-priced clothing and was Gymboree's direct competitor for The Children's Place and Old Navy.. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Therefore, the plaintiff argues that he is only required to establish constructive fraud. Wellspring Capital, through defendants Mr. Carles and Mr. Johnson, allegedly represented to Prospect that: (1) Ellett could purchase assets of AcuSport for $14.8 million; (2) the purchase would result in the Debtors' capturing 20% to 30% of AcuSport sales; (3) the Debtors could acquire $14 million of AcuSport inventory at a substantial discount; and (4) Ellett would immediately realize a $7 million profit on the sale of the inventory acquired in the purchase. Fax: 877 376-7003. In King County, the court considered suits by investors seeking to recover losses incurred after the collapse of a structured investment vehicle. 2018) (distinguishing cases where the courts dismissed negligent misrepresentation claims based on "puffery" or founded solely on speculative statements regarding future profits as a result of proposed transactions, and finding that the misrepresentations at issue were actionable because they involved present facts). The defendants argue that this cause of action must be dismissed because the alleged misrepresentations were forward-looking statements and opinions; therefore, they are not actionable and cannot form the basis for a negligent misrepresentation cause of action. 19.)1. Investment adviser | Wellspring Capital Management Ltd | M25 0FX (quoting Bell Atl. Our tight-knit culture enables transparent oversight and a streamlined decision-making process. A social media content creator signed an agreement with Birchbox in May of 2022 and hadn't been paid the $2,500 due as of Jan. 24, despite several emails to the company. Id. 2021 by wellspring capital Management. Flipbooks. 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. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. The assignment was executed in New York, but the personal property was located in South Carolina at the time the assignment was executed. Accordingly, Wellspring did not find that the defendants in fact breached their duties, but rather held that the plaintiff, a litigation trust, had asserted a viable claim that could proceed to a trier of fact. Lajme Sporti Inter Telegrafi, Articles W
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