KCL litigation attorney Jeremy Y. Weltman recently represented a real estate investment and development company in a dispute over nearly $2M in loans. After successfully filing a motion to compel arbitration with the court, Attorney Weltman represented the real estate company in the ensuing arbitration proceedings. Ultimately, in a significant win for KCL’s client, the arbitrator awarded the full amount claimed, plus interest and the costs of arbitration.
The real estate dispute stemmed from an assignment of several substantial real estate development loans totaling nearly $2M, which KCL’s client claimed were never repaid by the recipient of the loans, a Limited Liability Company (LLC) that was established to develop a particular property.
Following a two-day arbitration held before a neutral with JAMS, the arbitrator found in favor of KCL’s client on all counts. After consideration of all of the evidence of fraud and wrongdoing by the owner of the LLC, the arbitrator also found that the personal assets of the individual shareholder of the LLC should be available to satisfy the award, thereby piercing the LLC’s so-called “corporate veil.”