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Corporations Keyed to Rhee
SEC v. Merchant Capital, LLC
Citation:483 F.2d 747 (11th Cir. 2007)
Wyer and Beasley formed Merchant to participate in the business of buying, collecting and reselling charged-off consumer debt from financial institutions such as banks and credit card companies. They formed Merchant, with Wyer owning seventy-five percent and Beasley twenty-five percent. Under the partnership agreement provided by Merchant, each partnership was scheduled to participate in the debt purchasing, collection and resale business for three years, at which point it would be dissolved. Merchant prepared all the partnership materials and was the sole business contact for all of the partners. Merchant also failed to operate the business successfully.
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