Buchalter Secures Ownership of $30 Million Property for Clients in Settlement
April, 2024 - Los Angeles, California
After more than 3 years of litigation, Mitchell Kim, with the help of Pooya Sohi, recently achieved a settlement agreement on behalf of their clients to obtain full ownership of a hotel property, business, and land valued between $25 million and $30 million when the clients only had 40% ownership before litigation. Additionally, the clients also obtained $1.3 million in cash payout with a stipulated judgment amount of $2.5 million in case of a default. Buchalter represented the clients as Plaintiffs in the litigation against their former business partner.
The matter dealt with multiple disputes between former business and investment partners. Buchalter represented two of the investment companies along with the owner of both of the aforementioned investment companies. The named Defendants consisted of the clients’ former business partner and CPA firm. The primary disputes centered on Defendants’ fraudulent transfer and handling of the clients’ funds and assets that allegedly had been ongoing for more than 10 years. Not knowing the details of all the fraudulent activities, the clients funded multi-millions of dollars in several investment projects that ranged from live concert/event business, hotel, and other commercial properties. After years of litigation and at the brink of trial, Buchalter successfully conveyed sufficient evidence in support of our arguments to pressure Defendants at a Mandatory Settlement Conference to obtain the foregoing settlement terms.
