Bandy v. a Perfect Fit for You, Inc.

2017 NCBC 63
CourtNorth Carolina Business Court
DecidedJuly 26, 2017
Docket16-CVS-456
StatusPublished

This text of 2017 NCBC 63 (Bandy v. a Perfect Fit for You, Inc.) is published on Counsel Stack Legal Research, covering North Carolina Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Bandy v. a Perfect Fit for You, Inc., 2017 NCBC 63 (N.C. Super. Ct. 2017).

Opinion

Bandy v. A Perfect Fit for You, 2017 NCBC 63.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION COUNTY OF CARTERET 16 CVS 456

SHELLEY P. BANDY,

Plaintiff,

STATE OF NORTH CAROLINA,

Intervenor-Plaintiff,

v.

MARGARET A. GIBSON, OPINION AND ORDER individually, and RONALD WAYNE GIBSON,

Defendants,

A PERFECT FIT FOR YOU, INC.,

Defendant and Intervenor-Defendant

THIS MATTER comes before the Court upon Defendants Margaret A. Gibson

and Ronald Wayne Gibson’s Motion for Partial Judgment on the Pleadings

(“Motion”) pursuant to North Carolina Rule of Civil Procedure 12(c) (hereinafter

“Rule(s)”).

THE COURT, having considered the Motion, the briefs in support of and in

opposition to the Motion, the arguments of counsel at the hearing, and other

appropriate matters of record, concludes that the Motion should be GRANTED, in

part, and DENIED, in part, for the reasons set forth below.

Wheatly, Wheatly, Weeks, Lupton & Massie, P.A., by Wesley C. Cooper, Esq., Stevenson L. Weeks, Esq., and C.R. Wheatly, III, Esq. for Plaintiff Shelley P. Bandy. Ward and Smith, P.A., by Michael J. Parrish, Esq. and E. Bradley Evans, Esq. for Defendants Margaret A. Gibson and Ronald Wayne Gibson.

McGuire, Judge.

I. FACTUAL AND PROCEDURAL BACKGROUND.

1. Plaintiff Shelley P. Bandy (“Bandy”) is a certified fitter of medical

devices for use of mastectomy, diabetes, and other patients. Certification as fitter is

required in order to directly bill for fitter services through Medicare, Medicaid, and

some private insurance carriers. (First Am. Compl. ¶¶ 6—7.)

2. Defendant Margaret A. Gibson’s (“Margaret”) background is in medical

insurance billing. Ronald Wayne Gibson (“Ronald”) (collectively, Margaret and

Ronald are the “Gibsons”) is Margaret’s husband. Bandy and Margaret began

working together for a retail medical device and pharmacy business in Carteret

County in 2008. While working together, Bandy and Margaret became experienced

in billing patients for fitting services. (First Am. Compl. ¶¶ 8—11.)

3. In 2013-14, Bandy and Margaret decided to go into business together

utilizing Bandy’s certification as a fitter and ability to direct bill for fitting services

and Margaret’s experience with medical insurance billing to create a “boutique

business offering custom fitting services and sales of medical and therapeutic

devices.” (First Am. Compl. ¶¶ 15—24.) Bandy and Margaret eventually agreed that

they would form an “S” corporation with 500 shares of stock, with Bandy and

Margaret each owning 250 shares. Bandy left it to Margaret to take care of forming

the corporation, while Bandy worked on the “operational side of the business.”

(First Am. Compl. ¶ 32.) On September 14, 2014, Bandy and Margaret co-signed a lease for a retail store location, and each signed a personal guaranty on the lease.

(First Am. Compl. ¶¶ 37—38, Exs. E and F.)

4. On September 18, 2014, Margaret filed with the North Carolina

Secretary of State Articles of Incorporation forming A Perfect Fit for You,

Incorporated (“Perfect Fit”). (First Am. Compl. ¶ 39, Exh. G.) The Articles of

Incorporation authorized 500 shares of stock in Perfect Fit, but the shares have

never been issued. (First Am. Compl. ¶ 41.) Bandy alleges that Margaret

represented to her that they were both equal shareholders in the business with

Margaret serving as President and Bandy as Vice-President. (First Am. Compl. ¶

40.)

5. During October, 2014, Perfect Fit prepared to open its doors. Bandy

contributed office equipment and furniture for use in the store, and Margaret

provided an investment of approximately $65,000. Perfect Fit opened for business in

October 2014. (First Am. Compl. ¶¶ 44—49.) Bandy alleges that she and Margaret

held themselves out to the public and each other as “co-owners” of the business.

(First Am. Compl. ¶¶ 50—51.)

6. Bandy worked tirelessly to build Perfect Fit’s business, developing

relationships with health care providers and vendors and suppliers in the Carteret

County area and later other parts of North Carolina. (First Am. Compl. ¶¶ 55—65.)

Between May and September, 2015, Bandy generated over $2 million dollars in

revenue for Perfect Fit. (First Am. Compl. ¶ 66.) In October, 2015, alone Bandy

generated another $2 million dollars in revenue for Perfect Fit. (First Am. Compl. ¶ 75.) Bandy alleges she alone generated more than $7 million in revenue for Perfect

Fit during 2015. (First Am. Compl. ¶¶ 77—79.)

7. In early 2016 Bandy began to suspect that “her ownership interest in

[Perfect Fit] was not what [Margaret] had represented it to be and what the parties

had agreed to. (sic)” (First Am. Compl. ¶ 89.) In March of 2016, Bandy discovered

that Perfect Fit was paying a salary to Ronald, who was neither an employee nor an

owner of Perfect Fit. (First Am. Compl. ¶ 91.) Bandy also reviewed corporate

records and discovered that Margaret had never issued any shares of stock in

Perfect Fit to Bandy. (First Am. Compl. ¶ 97.)

8. Bandy also reviewed Perfect Fit’s financial records and discovered that

Margaret had made or authorized withdrawals of over $3,320,419.00 from Perfect

Fit to herself and Ronald during the five month period from December 2015 to April

2016, and had withdrawn over $7,800,000.00 from the business since its

incorporation in October of 2014. (First Am. Compl. ¶ 98.) Bandy claims that the

withdrawals were in “no way related to the administration or operation of [Perfect

Fit].” (First Am. Compl. ¶ 99.) Margaret has directed payments from Perfect Fit to

herself, Ronald, Ronald’s construction company, and a limited liability company

owned by Margaret and Ronald. (First Am. Compl. ¶¶ 98—109.) Margaret also has

caused Perfect Fit to make payments for the purchase of automobiles and a house

for her and Ronald, and for life insurance, annuities, and pension and profit sharing

plans for the benefit of her and Ronald. (First Am. Compl. ¶¶ 110—125.) 9. On May 16, 2016, Bandy initiated this action by filing a verified

complaint in Carteret County Superior Court against Margaret and Perfect Fit. 1 In

the verified complaint, Bandy alleged that Margaret reneged on an agreement that

Bandy would be a 50% shareholder in Perfect Fit, and later transferred out of

Perfect Fit and to the Gibsons millions of dollars in which Bandy has a 50%

ownership interest. The verified complaint contained, inter alia, a motion for a

temporary restraining order against the Gibsons and a motion for appointment of a

receiver over Perfect Fit.

10. On May 16, 2016, the Honorable Benjamin G. Alford issued a

Temporary Restraining Order and an Order on Appointment of Receiver (“Receiver

Order”). The Receiver Order appointed Douglas Goines as the receiver of “property

and assets which are the subject of this action” and provided Goines with “full

power to take possession of and manage [Perfect Fit’s] business, books, and profits,

less any necessary expenditures incurred in connection with the necessary

operation of the property and business until a final adjudication of this cause may

be had.” (Receiver Order 1.)

11. On June 15, 2016, Judge Alford issued an Order Granting Preliminary

Injunction and Appointment of Receiver (“PI Order”). The PI Order froze all assets

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Bluebook (online)
2017 NCBC 63, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bandy-v-a-perfect-fit-for-you-inc-ncbizct-2017.