Castel S.A. v. Christopher A. Wilson

CourtDistrict Court, C.D. California
DecidedFebruary 18, 2022
Docket2:19-cv-09336
StatusUnknown

This text of Castel S.A. v. Christopher A. Wilson (Castel S.A. v. Christopher A. Wilson) is published on Counsel Stack Legal Research, covering District Court, C.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Castel S.A. v. Christopher A. Wilson, (C.D. Cal. 2022).

Opinion

Case 2:19-cv-09336-ODW-PVC Document 176 Filed 02/18/22 Page 1 of 22 Page ID #:4722

O 1

2 3 4 5 6 7

8 United States District Court 9 Central District of California

11 Castel S.A. (a Luxeumbourg joint stock Case № 2:19-cv-09336-ODW (PVCx) company), 12 ORDER GRANTING DEFENDANT Plaintiffs, 13 JAMES’S MOTION FOR v. SUMMARY JUDGMENT [104]; 14 GRANTING IN PART AND CHRISTOPHER A. WILSON et al., 15 DENYING IN PART DEFENDANTS Defendants. CHENG AND ARF’S MOTION FOR 16 SUMMARY JUDGMENT [107]; and 17 DENYING DEFENDANT WILSON’S 18 MOTION FOR SUMMARY JUDGMENT [109] 19 20 I. INTRODUCTION 21 On July 26, 2021, Defendants Steven J. James, Olivia Ho Cheng jointly with 22 ARF Partners, LLC, and Christopher A. Wilson (collectively, “Moving Defendants”), 23 all moved for summary judgment. (ECF Nos. 104, 107, 109, respectively.) For the 24 following reasons, the Court GRANTS James’s Motion, GRANTS in PART and 25 DENIES in PART Cheng and ARF’s joint Motion, and DENIES Wilson’s Motion.1 26 27

28 1 Having carefully considered the papers filed in connection with the Motions, the Court deemed the matters appropriate for decision without oral argument. Fed. R. Civ. P. 78; C.D. Cal. L.R. 7-15. Case 2:19-cv-09336-ODW-PVC Document 176 Filed 02/18/22 Page 2 of 22 Page ID #:4723

1 II. FACTUAL BACKGROUND 2 The following allegations and facts are uncontested, unless otherwise noted. In 3 2006, Plaintiff Castel S.A. invested in Aurora Imaging Technology, Inc. (“AIT”). 4 (Pl.’s Separate Statement Genuine Issues Material Facts (“First GIMF”) ¶ 2, ECF 5 No. 122-1.) Castel owned 16.7% of Series C and 16.7% Series D stock, or almost 4% 6 overall of AIT. (Id. ¶ 3.) 7 By 2015, AIT was insolvent and remained so through 2016. (Pl.’s Separate 8 Statement Genuine Issues Material Facts (“Second GIMF”) ¶ 21, ECF No. 124-1.) 9 On or about November 25, 2015, AIT investors, Pharos Capital Partners II-A, L.P. 10 and Pharos Capital Partners II, L.P. (together, “Pharos”), sold their interests in AIT to 11 Defendant ARF (the “Pharos Sale”). (First GIMF ¶ 8.) In 2016, AIT sold or 12 transferred all of its assets. (Id. ¶ 9.) In its Second Amended Complaint, Castel 13 alleges that on October 31, 2016, Aurora Healthcare, SPC bought AIT (the 14 “Transaction”). (Second Am. Compl. (“SAC”) ¶ 119, ECF No. 91.) 15 Defendant James 16 In 1999, James, a certified public accountant, joined AIT as its Executive Vice 17 President and Chief Financial Officer (“CFO”). (First GIMF ¶ 1.) In 2014, James 18 resigned from all positions he held at AIT. (Id. ¶¶ 5, 6.) In late 2016, James was the 19 CFO of Aurora Healthcare US Corp. and was also providing consulting services to 20 AIT. (Def.’s Separate Statement Reply ¶ 39; ECF No. 129.) James provided financial 21 consulting services to AIT at the time of the Transaction. (Id. ¶¶ 21, 23.) AIT also 22 paid James to assist in its appraisal for the Transaction. (Id. ¶ 44.) 23 In its SAC, Castel asserts a fraudulent deceit and concealment claim against 24 James, alleging that he “owed a fiduciary duty to the shareholders of AIT” and 25 therefore should have disclosed certain facts regarding the Pharos Sale and the 26 Transaction. (SAC ¶ 119.) James now seeks summary judgment on that claim, 27 arguing that he did not owe Castel a duty to disclose during the Pharos Sale and the 28

2 Case 2:19-cv-09336-ODW-PVC Document 176 Filed 02/18/22 Page 3 of 22 Page ID #:4724

1 Transaction because, by then, he had already resigned from AIT. (Def. James Mot. 2 Summ. J. (“James Mot.”), ECF No. 104.) 3 Defendant Cheng 4 Cheng was the President and Chief Executive Officer (“CEO”) of AIT until she 5 resigned in 2013. (Second GIMF ¶ 1.) Cheng remained as a minority shareholder of 6 AIT but was not a majority or controlling shareholder. (Id. ¶ 2.) 7 Sometime in 2013, Defendant Michael Devlin arranged for a loan from Pharos 8 to AIT (the “2013 Loan”) with a requirement that a portion of the loan proceeds be 9 used to purchase Devlin’s investment. (Defs.’ Separate Statement Reply 10 (“Cheng/ARF Statement”) ¶ 81; ECF No. 127.) Castel asserts Cheng was involved in 11 arranging the 2013 Loan but Cheng disputes this fact. (Id.) The parties agree that in 12 2016, Cheng was creditor on AIT’s (the seller) side of the Transaction. (Id. ¶ 13.) 13 Castel asserts a claim of fraudulent deceit and concealment against Cheng, 14 alleging Cheng owed Castel a duty to disclose information regarding the Pharos Sale 15 and the Transaction. (SAC ¶¶ 118–30.) Castel also alleges Cheng conspired with 16 Devlin to fraudulently deceive Castel by not disclosing the 2013 Loan. (SAC ¶¶ 158– 17 66.) In a joint motion with ARF, Cheng seeks summary judgment as to these claims. 18 (Def. Cheng & ARF Mot. Summ. J. (“Cheng/ARF Mot.”), ECF No. 107.) 19 Defendant ARF 20 Castel asserts that in 2015, Cheng and Wilson formed Defendant-company ARF 21 for the purpose of raising funds to acquire shares and debt in AIT. (Pl.’s Opp’n 22 Cheng/ARF Mot. (“Opp’n Cheng/ARF Mot.”) 4, ECF No. 124.) The parties agree 23 that ARF was not a majority AIT shareholder and, accordingly, the parties assert ARF 24 did not owe any fiduciary duties to other AIT shareholders such as Castel. (Second 25 GIMF ¶ 11.) Although ARF was not a direct party to the Transaction, it was involved 26 on Aurora Healthcare’s (the buyer) side because ARF received an equity interest in 27 Aurora Healthcare in exchange for contributing the senior secured notes that it owned 28 in Pharos to offset the purchase price of the Transaction. (Id. ¶¶ 11, 17, 52.)

3 Case 2:19-cv-09336-ODW-PVC Document 176 Filed 02/18/22 Page 4 of 22 Page ID #:4725

1 Castel alleges against ARF claims of fraudulent deceit and concealment and 2 breach of contract. (SAC ¶¶ 131–41, 167–75.) In its joint Motion with Cheng, ARF 3 seeks summary judgment as to those claims. (Cheng/ARF Mot. 18–23.) 4 Defendant Wilson 5 In 2015, at the request of a resigning board of directors, Defendant Wilson 6 agreed to assist with the dissolution and winding up of AIT, which was already 7 insolvent. (Pl.’s Separate Statement Genuine Issues Material Facts (“Third GIMF”) 8 ¶ 78, ECF No. 123-1.) On October 20, 2016, Wilson informed Castel that AIT was 9 going to accept an offer to purchase the company’s assets, subject to approval of 10 shareholders, in order to avoid bankruptcy. (Id. ¶ 92.) When Castel complained that 11 it did not have sufficient information to make an informed decision about approval of 12 the asset sale, Wilson offered to make all of the books and records of the company 13 available for inspection. (Id. ¶ 74.) 14 Wilson notified Castel that payments to unsecured creditors would be limited to 15 40% of the original principal amount of each obligation, which for Castel amounted to 16 a payment of $100,000. (Id. ¶ 94.) Wilson informed Castel that if Castel did not 17 accept the offered payment, its $100,000 share of the proceeds would be allocated to 18 other creditors. (Id. ¶ 96.) Finally, Wilson expressly notified Castel that if it rejected 19 the $100,000 payment, Castel was free to pursue its claims against AIT, but the 20 company would be dissolved. (Id. ¶ 100.) Castel rejected the offered payment. 21 (Cheng/ARF Statement ¶ 57.) 22 In its SAC, Castel alleges against Wilson claims of fraudulent deceit and 23 concealment and breach of fiduciary duty. (SAC ¶¶ 107–117, 142–48.) Wilson now 24 moves for summary judgment as to those claims. (See generally Wilson Mot.) 25 Procedural History 26 On October 30, 2019, Castel initiated this action asserting claims related to 27 Moving Defendants’ fraudulent concealment of certain information from Castel. 28 (Compl., ECF No. 1.) In the operative SAC, Castel asserts causes of action for, in

4 Case 2:19-cv-09336-ODW-PVC Document 176 Filed 02/18/22 Page 5 of 22 Page ID #:4726

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Anderson v. Liberty Lobby, Inc.
477 U.S. 242 (Supreme Court, 1986)
Scott v. Harris
550 U.S. 372 (Supreme Court, 2007)
Gary Davis v. Hsbc Bank Nevada, N.A.
691 F.3d 1152 (Ninth Circuit, 2012)
De Spirito v. Andrews
311 P.2d 173 (California Court of Appeal, 1957)
Committee on Children's Television, Inc. v. General Foods Corp.
673 P.2d 660 (California Supreme Court, 1983)
Miles, Inc. v. Scripps Clinic & Research Foundation
810 F. Supp. 1091 (S.D. California, 1993)
Jacobs v. Freeman
104 Cal. App. 3d 177 (California Court of Appeal, 1980)
Massei v. Lettunich
248 Cal. App. 2d 68 (California Court of Appeal, 1967)
Sime v. Malouf
212 P.2d 946 (California Court of Appeal, 1949)
GAB Business Services, Inc. v. Lindsey & Newsom Claim Services, Inc.
99 Cal. Rptr. 2d 665 (California Court of Appeal, 2000)
LiMandri v. Judkins
52 Cal. App. 4th 326 (California Court of Appeal, 1997)
Magpali v. Farmers Group, Inc.
48 Cal. App. 4th 471 (California Court of Appeal, 1996)
Burch v. Regents of the University of California
433 F. Supp. 2d 1110 (E.D. California, 2006)
Reeves v. Hanlon
95 P.3d 513 (California Supreme Court, 2004)
City of Hope National Medical Center v. Genentech, Inc.
181 P.3d 142 (California Supreme Court, 2008)

Cite This Page — Counsel Stack

Bluebook (online)
Castel S.A. v. Christopher A. Wilson, Counsel Stack Legal Research, https://law.counselstack.com/opinion/castel-sa-v-christopher-a-wilson-cacd-2022.