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Business Associations Keyed to LoPucki, 2nd Ed.
Curci Investments, LLC v. Baldwin
Citation:
14 Cal. App. 5th 214 (2017)Facts
James Baldwin, a real estate developer, formed JPB Investments LLC (JPBI) in 2004 as a Delaware LLC to hold and invest cash balances for himself and his wife. Baldwin owned 99% of JPBI and served as its manager and CEO, giving him complete control over distributions. In 2006, Baldwin personally borrowed $5.5 million from Curci’s predecessor, which he failed to repay. After the loan, Baldwin settled eight family trusts and had JPBI loan approximately $42.6 million to family partnerships. When the Curci loan came due in 2009, Baldwin had made no payments. Curci obtained a $7.2 million judgment against Baldwin in 2012. Despite JPBI distributing approximately $178 million to Baldwin and his wife between 2006 and 2012, no distributions were made after the judgment. Baldwin also extended the repayment dates on the family partnership loans without consideration.
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