Posts tagged "0906817"

Shachoy v. Conrades, et al. (Lawyers Weekly No. 09-068-17)

COMMONWEALTH OF MASSACHUSETTS   SUFFOLK, ss                                                                                             SUPERIOR COURT CIVIL ACTION 2017-02621-BLS2   MEREDITH CLARK SHACHOY, individually and derivatively on behalf of LONGFELLOW VENTURE PARTNERS I, LLC And TECH SQUARE PRINCIPALS 2 LLC, Plaintiff   vs.   GEORGE CONRADES, individually and as trustee of the GEORGE CONRADES REVOCABLE TRUST, and as manager of TECH SQUARE TRADING (GP) LLC, WILLIAM WILSON, as manager of LONGFELLOW VENTURE PARTNERS, and CONRADES FAMILY, LLC Defendants,   And   LONGFELLOW VENTURE PARTNERS I, LLC and TECH SQUARE PRINCIPALS 2 LLC Nominal Defendants   MEMORANDUM OF DECISION AND ORDER  ON DEFENDANTS’ MOTIONS FOR REAL ESTATE ATTACHMENTS AND FOR TRUSTEE PROCESS ATTACHMENTS   Plaintiff Meredith Shachoy instituted this action asserting various rights as a minority shareholder of Longfellow Venture Partners I, LLC (LVP).  Specifically, she claims that she has been frozen out of LVP and, in her derivative claim, that LVP had been improperly managed by the defendant George Conrades.  On September 8, 2017, this Court denied Shachoy’s request for a injunctive relief, concluding that not only had she failed to satisfy the requirements of Packaging Industries v. Cheney, 380 Mass. 609 (1980) but also that she came before the Court with “unclean hands.”  The defendants answered and asserted counterclaims against Shachoy alleging that she had misappropriated millions of dollars from LVP and breached her contractual and fiduciary obligations. In December,  the parties were once again before this Court for hearing on defendants’ motions to attach real estate and bank accounts in Shachoy’s name.  On December 21, 2017, this Court allowed both motions in the amount of $ 5,000,000.  This memorandum sets forth the basis for that decision. Under Rules 4.1 and 4.2,  Mass.R.Civ.P., a party is entitled to an attachment if he can demonstrate a reasonable likelihood of recovering judgment equal to or greater than the amount requested and there is no liability insurance available to satisfy such judgment.  Shachoy offers no evidence as to  liability insurance.  As to the defendants’ likelihood of recovering judgment against her, the Court has considered the affidavits submitted by all parties and makes the following findings: According to bank and corporate records, Shachoy withdrew more $ 9.8 million from LVP from 2009 until the time of her termination in September 2016.  About $ 1.7 million of that sum was transferred directly to her husband’s company, CMS, LLC.  Another $ 8.1 million was paid directly to her.  Shachoy does not dispute this figures. An examination of credit card and bank records also shows that Shachoy charged approximately $ 400,000 to LVP and/or Conrades for what she claims were business expenses. The description of those charges, however, raise serious questions as to whether they are indeed business-related.  They include: $ 5,600 at […]

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Posted by Massachusetts Legal Resources - January 10, 2018 at 9:14 pm

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