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JAE HEE HYUN, individually and as a member of BULLDOG ONE REAL ESTATE COMPANY, LLC, suing on behalf of herself and all other members of BULLDOG ONE REAL ESTATE COMPANY, LLC similarly situated and in the right of BULLDOG ONE REAL ESTATE COMPANY, LLC, Plaintiffs, -againstSYNGBUM KIM, DEAN S. LARKEY, CHOON YOUNG KIM, and BULLDOG ONE REAL ESTATE COMPANY, LLC,
Plaintiff designates New York County as the venue on the basis that a
in^^^^^
JAN 8 4 2910
at issue
YOU ARE HEREBY SUMMONED to answer thq+complaintin this action, and to serve a
copy of your answer, or if the complaint is not served with this summons, to serve a notice of appearance on the plaintiffs attorneys, within twenty (20) days after the service of this summons, exclusive of the day of service, or within thirty (30) days after completion of service where service
is made in any other manner than by personal delivery within the state. In case of your failure to
appear or answer, judgment will be taken against you by default for the relief demanded in the complaint. New York County is designated as the place of trial on the basis that a substantial part of the property at issue is located within the county.
To:
Mr. Syiigbuin Kim 10 East 40t Street, Suite 2105 New York, New York 10016
Mr. Dean S. Larkey 7 Penn Plaza, Suite 222 New York, New York 10001
Mr. Choon Young Kim 50 Walker Avenue Closter, New Jersey 07624
Bulldog One Real Estate Company, LLC 1585 Palisades Avenue Fort Lee, New Jersey 07024
JAE HEE HYUN, individually and as a member of BULLDOG ONE REAL ESTATE COMPANY, LLC, suing on behalf of herself and all other members of BULLDOG ONE REAL ESTATE COMPANY, LLC similarly situated and in the right of BULLDOG ONE REAL ESTATE COMPANY, LLC, Plaintiff, -against-
Plaintiff, Jae Hee Hyun, by her attorneys, Cullen and Dykman LLP, as and for her complaint, individually and as a member of Bulldog One Real Estate Company, LLC, respectfully alleges, upon information and belief, the following: 1.
and a member of defendant Bulldog One Real Estate Company, LLC. Hyun, brings this action against the defendants on behalf of herself and all other members of the defendant Bulldog One
Real Estate Company, LLC similarly situated and in the right of the company. 2.
Imperial, Apartment 100, West New York, New Jersey 07093 with an office address of 10 East
40h Street, Suite 2105, New York, New York 10016. S. Kim is a managing member of Bulldog
SYNGBUM KIM, DEAN S. LARKEY, CHOON YOUNG KIM, and BULLDOG ONE REAL ESTATE COMPANY, LLC,
Plaintiff, Jae Hee Hyun (Hyun), an individual residing in Seoul, South Korea
3.
Warren, New Jersey 07059 with an office address of 7 Penn Plaza, Suite 222, New York, New York 10001. Larkey is a managing member of Bulldog One Real Estate Company, LLC.
4.
Avenue, Closter, New Jersey 07624 and a managing member of Bulldog One Real Estate Company, LLC.
5.
liinited liability company doing business in the State of New York with a principal place of business at 1585 Palisades Avenue, Fort Lee, New Jersey 07024. Bulldog is the owner of the property known as 362 West 127 Street, New York, New York (the Property).
6.
(CPLR). Pursuant to Article 5 of the CPLR, plaintiff designates New York County as the place of trial as a substantial part of the property at issue is located within the county.
to deliver $350,000.00 to them, in reliance upon their false representations that (a) they had made capital contributions to Bulldog totaling $350,000.00 and $1,000,000.00 in funding was available from additional members and (b) they had the skill, ability and intention to convert the Property to residential condominiums and sell the units at a substantial profit within one year. In fact, defendants had not made the capital contributions, had not secured $1,000,000.00 in funding, and did not have the skill, ability, or intention to convert the Property to condominiums and sell
them. Plaintiff, therefore, seeks rescission of the agreement and the return of her $350,000.00.
7.
Jurisdiction is founded upon Article 3 of the Civil Practice Law and Rules
PRELIMINARY STATEMENT
Hyun was fraudulently induced by defendants to enter into certain agreements and
8.
In addition, the defendants failed to maintain records for Bulldog and have
diverted and wasted company assets. Despite due demand, the defendants have failed to account to Hyun regarding the disposition of her $350,000.00 and the other assets of the company. Accordingly, Hyun and Bulldog are entitled to an accounting and Bulldog is entitled to damages
in the amount of all assets that have been wrongfully or fraudulently diverted or wasted.
FACTUAL BACKGROUND
five-story residential condominium building on the Property and that the condominiums would be offered for sale by May 2006.
12.
13,
false, knew that Hyun would rely on the misrepresentations, and made the misrepresentations to induce Hyun to pay $350,000.00 for an interest in Bulldog.
(a)
The defendants represented they had the skill, ability, and intention to construct a
The defendants also represented that they had made capital contributions to
(b) (b)
At the time the representations were made, the defendants knew that they were
9.
In or about July 2005, Hyun was introduced to S. Kim, a real estate developer and
15.
In fact, the defendants did not make personal capital contributions, have available
the $1 million as represented, or have the skill, ability, or intention to construct and sell
condominiums on the Property.
16.
2005, Hyun and S. Kim entered into a Purchase Agreement (the Purchase Agreement), by which S. Kim assigned to Hyun a 15% membership interest in Bulldog in exchange for Hyuns
capital payment of $350,000.00. Hyun also signed the Operating Agreement of Bulldog (the Operating Agreement), that was already executed by the defendants.
17.
Kim, Larkey and C. Kim and that the purpose of Bulldog is to improve the Property with residential units and to sell the units.
18.
Bulldog, did not have available funding from additional members, and did not have the skill, ability, or intention to convert the Property to condominiums.
19.
capital payments, that capital contributions from additional members were available, or that any action was taken for development of the Property.
20.
all transactions, including separate books and accounts for each member, and each member shall
have the right to audit, examine, and copy the books of account, certificate of formation, minutes of any meeting, tax returns and other information regarding the affairs of Bulldog.
that company assets have been used for the intended purposes, that the defendants made any
21,
The Operating Agreement provides that the managing members of Bulldog are S.
Despite their representations, defendants did not make the capital payments in
Despite repeated requests, Hyun has not been provided with documentary proof
Instead, the defendants diverted and wasted company assets. Pursuant to the Operating Agreement, Bulldog shall maintain accurate records of
22.
In September 2009, Hyun, through her attorneys, Park & Associates, demanded
Defendants failed to provide Hyun with closing documents regarding the purchase
of the Property, books and accounts for each member, books and records of the company,
ret urns.
25.
copies of all financial records documenting the management and income and expenses of the company. Defendants have refused and failed to provide the accountings or return plaintiffs $350,000.00.
26.
tlirough 25 with the same force and effect as though fully set forth herein.
falsely represented that defendants paid $350,000.00 in capital and $1 million was available from other members, that they had the skill, ability and intention to convert the Property to residential condominiums within one year.
28.
should have known that the misrepresentations were false and that Hyun would rely on them.
29.
27.
Hyun has repeatedly demanded return of her $350,000.00 capital payment and
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
At the time the defendants made the misrepresentations to Hyun, they knew or
Relying upon the misrepresentations and believing them to be true, Hyun paid
minutes of any meetings, annual financial reports, bank statements and timely or complete tax
30.
entitled to a rescission of the agreements and the return of her $350,000.00, plus interest. Hyun has also incurred significant attorneys fees and costs in connection with the instant lawsuit, the final amount which will be determined at trial. (Constructive Trust)
through 3 1 with the same force and effect as though fully set forth herein.
33.
confidential relationship.
34.
between Hyun and the defendants and in reliance on the defendants representations that the conipariy assets would be used to convert the Property to residential condominiums for sale.
35.
defendants diverted and wasted company assets and deceived plaintiff regarding the operation of Bulldog.
36.
32.
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
Hyun and the defendants are members of Bulldog, enjoying a trusting and
Instead, in violation of the trust and confidence placed in them by Hyun, the
Despite due demand, the defendants have failed to account to plaintiff for
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
through 37 with the same force and effect as though fully set forth herein. 39. The defendants failed and neglected to perform the conditions of the agreements,
including, but not limited to failure to convert the Property to residential units for sale, to maintain company books and records, and to account to plaintiff.
40.
In addition, the defendants diverted and wasted company assets, including making
amount to be determined at trial, but no less than $350,000.00, plus interest. Hyun has also incurred significant attorneys fees and costs in connection with the instant lawsuit, the final amount which will be determined at trial.
42.
through 41 with the same force and effect as though fully set forth herein.
43.
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
significant attorneys fees and costs in connection with the instant lawsuit, the final amount which will be determined at trial.
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
through 43 with the same force and effect as though fully set forth herein.
45.
As a resiilt of the defendants conversion, Hyun and Bulldog have been damaged
in an amoiint to be determined at trial, but no less than $350,000.00. Hyun has also incurred
significant attorneys fees and costs in connection with the instant lawsuit, the final amount which will be determined at trial.
46.
through 45 with the same force and effect as though fully set forth herein.
47.
48.
statements.
refuse to render to Hyun an accounting of the disposition of the company assets, income and expenses from 2005 to the present.
5 1.
49.
Hyun has no adequate remedy at law.
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
The defendants are also required to provide members with annual financial
The defendants have diverted and wasted company assets, including making an
Despite due demand, defendants have failed, neglected and refused and still
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
through 5 1 with the same force and effect as though fully set forth herein.
53.
The defendants owed Hyun and Bulldog a fiduciary duty as managing members
ol the company.
54.
The defendants breached their fiduciary duty to Hyun and Bulldog by diverting
damaged in an amount to be determined at trial, but no less than $350,000.00. Hyun has also incurred significant attorneys fees and costs in connection with the instant lawsuit, the final amount which will be determined at trial.
56.
through 55 with the same force and effect as though fully set forth herein.
formalities in a manner that suits their own personal convenience, including but not limited to, diverting and wasting company assets, including making an unauthorized loan to an unknown third party.
are, therefore, personally responsible to Hyun for the obligations of Bulldog and should be held
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57.
59.
(Piercing the Corporate Veil)
As a result of defendants breach of fiduciary duty, Hyun and Bulldog have been
Plaintiff repeats and reiterates each and every allegation contained in paragraphs 1
The defendants have and have had complete dominion and control over Bulldog,
By virtue of the foregoing, Bulldog acted as the alter ego of the defendants who
personally liable fa the damages to Hyun in an am unt to be determined at trial, but no less than
$350,000.00, plus interest. Hyun has also incurred significant attorneys fees and costs in
connection with the instant lawsuit, the final amount which will be determined at trial. WHEREFORE, plaintiff demands judgment as follows: (a) against defendants for monetary damages in an amount to be determined at trial,
but no less than $350,000.00, plus interest from November 16,2005; (b)
account for all money and property of defendant Bulldog One Real Estate Company, LLC which has come into their hands and for any expenditures made by them from the money and property of the defendant Bulldog; (d)
defendants Syngbum Kim, Dean S. Larkey and Choon Young Kim in the amount of any money or property of Bulldog found to have been wrongfully or fraudulently disbursed or diverted or which has in any manner been lost or wasted; and
attorneys fees. Dated: New York, New York December 3 1,2009 CULLEN AND DYKMAN LLP By:
(e)
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(c)
compelling defendants Syngbum Kim, Dean S. Larkey and Choon Young Kim to
granting defendant Bulldog One Real Estate Company, LLC judgment against
against defendants for costs and disbursements of this action and reasonable
declaring the Purchase Agreement and Operating Agreement void and rescinded;
To:
Mr. Syngbum Kim 10 East 40 Street, Suite 2105 New York, New York 10016 Mr. Dean S. Larkey 7 Penn Plaza, Suite 222 New York, New York 10001 Mr. Choon Young Kim SO Walker Avenue Closter, New Jersey 07624
Bulldog One Real Estate Company, LLC 1585 Palisades Avenue Fort Lee, New Jersey 07024
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