Altior Law is proud to announce that its Partner and Shareholder, Jennifer Grieco, recently secured a trial victory for the Firm’s client in two consolidated cases before Oakland County Business Court Judge Michael Warren. The consolidated cases concerned competing claims by Platinum One Lending, LLC, Altior Law’s client, and NEXA Mortgage, LLC over the proper characterization of $350,000 paid to Platinum One as equity versus debt. Platinum One contended the payment was made as capital contributions of its members, who were also co-owners of NEXA Mortgage. NEXA Mortgage claimed that the payment was an oral loan, which entitled its majority owner, Mike Kortas, to transfer approximately $93,000 from Platinum One’s bank account to NEXA Mortgage when the characterization of the payment was disputed.
After securing summary disposition in favor of Platinum One on its claim for breach of fiduciary duty, the consolidated cases proceeded to a bench trial on Platinum One’s claim for statutory conversion and NEXA Mortgage’s claims to recover payment of its “loan.” Following two days of testimony, Judge Michael Warren issued his Findings of Fact, Conclusions of Law, and Judgment in favor of Platinum One. At the outset, the Court found that “[b]ecause NEXA’s and Kortas’s claims are based on lies and Platinum One’s claims are based on credible evidence, the $350,000 constituted capital contributions, and NEXA’s claims are dismissed since they are dependent on the monies being loans.” The Court next ruled in favor of Platinum One on its claim for statutory conversion against Kortas, concluding, “[h]e was entrusted with authority over specific money held in Platinum One’s US Bank account in light of his position within Platinum One and he transferred $93,911.06 of the funds to NEXA, a company he solely owned and controlled at the time, without Platinum One’s consent.” The Court then granted Platinum One’s request for treble damages in the amount of $281,733.18, finding “Kortas acted vindictively” and had “concocted a scheme to do so by attempting to transmogrify the capital contributions into a loan.” Following a post-judgment motion for attorney fees, the Court also awarded Platinum One its reasonable attorney fees of $188,706.00.
Altior Law applauds Jennifer’s trial advocacy and outstanding outcome for the Firm’s client.
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