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. [4] Wellspring completed fundraising on its sixth fund in 2018 with $1.45 billion of investor commitments as a successor to its $1.2 billion 2011 Fund V.[3], Wellspring focuses on the packaging, healthcare, niche manufacturing and distribution sectors.[5][6]. For purposes of South Carolina law, the parties disagree whether Prospect was a preexisting creditor or a subsequent creditor. UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. Contact:KekstMark Semer or Peter Hill212.521.4800, Cision Distribution 888-776-0942 UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. 'Ov}b0. This approach has historically delivered returns well above inflation Our clients Pentec Health Inc. Acquired by Wellspring Capital Management - PRWeb At all times relevant to these claims, Wellspring Capital controlled (a) Wellspring Capital Partners These emails can hardly be considered negligent misrepresentations. Wellspring, founded in 1995, has raised more than $4 billion of capital commitments through six private equity funds, according to its website. In 2008, Wellspring Capital, through its fund Wellspring Capital Partners, acquired Ellett. 20-50554, 2021 WL 4823513 (Bankr. 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. Wellspring Capital Partners VI Profile: Investments & Returns | PitchBook 2020) (quoting Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009)). The defendants' remaining arguments need not be addressed. 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. at 385. About Wellspring Capital Management Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $4.4 billion of private equity capital. 85]. 1999)). 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. Id. York Capital Management Feb 2021 - Present2 years 1 month New York, New York, United States Wellspring Capital Management LLC 13 years 5 months Partner Dec 2016 - Dec 20204 years 1 month. About Us - Wellspring Capital The 2011 Wellspring Capital Partners V LP was fully invested at $1.2 billion and has generated positive returns for its investors to-date. Wellspring has earned the reputation as a trusted, reliable partner and is often the preferred partner of a portfolio companys senior management team. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. 2005)). Description. 2021 by wellspring capital Management. 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. PLEASE SEE THIS LINK FOR FULL DISCLAIMER: This site is for informational purposes only. The Firm takes pride in its ability to marshal its resources quickly and focus on the issues that matter, resulting in speed and certainty during the acquisition process. 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. Wellspring Capital Management Designed By, https://www.wellspringcapital.co.uk/disclaimer. 987, 999-1000 (Bankr. Wellspring Capital Management Company Profile | Management and The Wellspring court dismissed the litigation trusts claim for breach of the fiduciary duty of care, holding that it was not adequately pled. Target Investments - Wellspring Capital It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. Please see our Privacy Policy. Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. at 613-14. ~p03ngx1Ai63*oP 4TP3Nt'xn0R8tJ'a7D2P6ILky6L;0;0SUNrtd t ";Qb[K-Ii 1g%\i) IZ3uAH0J40v0xt0v40Xt8 y CJ3t@y`$21kL 541, 546 (Bankr. Wellspring CEO Takes Leave After Son Accused of Rape in Lawsuit [Amended Complaint, 31]. Wellspring CEO Bill Dawson is taking a leave of absence, the firm said Tuesday Last week a shocking lawsuit was filed against his son Christopher It claims he drugged and violently raped and. In April 2018, Prospect agreed to defer two quarters of cash interest payments. Musk Made a Mess at Twitter. REGISTRATION STATUS. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. On 05/20/2022 Wellspring Capital Management, LLC Wellspring Cap filed an Other lawsuit against Barry, III.This case was filed in U.S. Bankruptcy Courts, New York Southern Bankruptcy. 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. Posted By: Imright , 3/3/2023 9:31:52 PM. Prior results do not guarantee a similar outcome. Gymboree - Wikipedia They were not statements of presently existing fact. Lawsuit: Wellspring CEO Told - Institutional Investor Seth Pearson - Managing Director - Private Equity - York Capital Wellspring Capital Management Acquires Paragon Films Corp. v. Twombly, 550 U.S. 544, 555 (2007)). Otherwise you cannot get paid." Many of the facts underlying the Wellspring decision are neither unique nor unusual. It identifies undervalued companies whose share price does not properly reflect the true value of the business. I Shall [Not] Be Released: Wellspring, Director Releases, and the Duty The origins of Wellspring Philanthropic Fund are shrouded. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. 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 plaintiff responds that Prospect is a preexisting creditor because the distributions were not made until after Prospect became a creditor when the Loan Agreements and the Amendments were signed. The court stated: See Credit Alliance Corp. v. Arthur Anderson & Co., 65 N.Y.2d 536 (NY App. But Wellspring would arguably undermine the ability to negotiate for what are customary and, indeed, necessary protections for corporate decisionmakers in those same transactions, such as releases, indemnity, or exculpation. The defendants' motions to dismiss are granted. This matter is before the Court on motions to dismiss filed by the defendants Wellspring Capital Management, LLC ("Wellspring Capital"), Wellspring Capital Partners IV, L.P. ("Wellspring Capital Partners"), WCM Genpar IV, L.P., WCM Genpar IV GP, LLC (collectively, the "Wellspring Defendants") [Docket No. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Va. Mar. The alleged statements simply do not constitute actionable statements that can form the basis of a negligent misrepresentation claim. A free inside look at Wellspring Capital Management salary trends based on 22 salaries wages for 17 jobs at Wellspring Capital Management. %%EOF Wellspring Sues Insurers To Fight Claims It Tanked Gun Seller PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WELLSPRING CAPITAL MANAGEMENT ( CRD # 135455/SEC#:801-64341 ) WELLSPRING CAPITAL MANAGEMENT, WELLSPRING CAPITAL MANAGEMENT, INC. View latest Form ADV filed Part 2 Brochures. The choice of law provision in the Loan Agreements states: In October 2017, Wellspring Capital was contemplating a purchase of AcuSport, a competitor, by Ellett, for $14.8 million. 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. Designed By BM Designs. See Scheidelman v. Henderson (In re Henderson), 423 B.R. The amended complaint fails to allege insolvency at the time of the transfer, an essential element of a fraudulent conveyance claim under either New York or South Carolina law, and therefore fails to state a claim under 544(b). 2007) (citations omitted). Whether youre building capital for your family, retirement or other life goals, we can help you with our high conviction and disciplined investment style. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Italys CDP Is Nearing Offer for Telecom Italia Network. 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. F. Hewitt Grant asserted the lack of a triggering creditor due to Prospect Capital Corporation's knowing participation in the transfers and failure to state a claim under New York law due to lack of insolvency and under South Carolina law due to failure to plead actual fraud. Because the Court dismisses the complaint as to all other defendants, the Court sua sponte dismisses the causes of action against Mr. Ziomek as well. Federal Rule of Bankruptcy Procedure 7012(b). 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"). 24. The elements of a negligent misrepresentation claim under New York law are: The plaintiff also cites King County, Washington v. IKB Deutsche Industriebank, 863 F. Supp. Since its founding in 1995, Wellspring has raised over $4.0 billion of initial capital commitments through . James brought a civil suit against Trump in September, alleging the Trump organization had fraudulently inflated the value of . Law360 provides the intelligence you need to remain an expert and beat the competition. These tools have been used since the firm's inception in 1995 to generate consistent business improvement in its portfolios. 6. 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. Todd Boehly filed a joinder to the Wellspring Defendants' motion to dismiss. Fed. 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. Try our Advanced Search for more refined results. The firm's objective is to bring partnership, experience and value creation to each investment. Their most recent acquisition was Caring Brands International on Oct 25, 2021. 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. (quoting Bell Atl. 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. 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. Sounds like a tidy deal at year end [2017] made a lot of sense." Wellspring CEO takes leave after explosive rape allegations against his son In the legal profession, information is the key to success. IAPD - Investment Adviser Public Disclosure - Homepage The amended complaint does not allege that either Ellett or SportCo was insolvent at the time of the transfer or became insolvent as a result of the transfer. However, the Court has the discretion to sua sponte dismiss a complaint pursuant to Fed.
Albany County Pistol Permit Judges, David Brooks Anne Snyder Wedding Photos, Articles W