Consolidated Resources, Inc. v. DRO Barite, LLC

CourtUnited States Bankruptcy Court, E.D. California
DecidedMarch 30, 2020
Docket19-01137
StatusUnknown

This text of Consolidated Resources, Inc. v. DRO Barite, LLC (Consolidated Resources, Inc. v. DRO Barite, LLC) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, E.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Consolidated Resources, Inc. v. DRO Barite, LLC, (Cal. 2020).

Opinion

1 FOR PUBLICATION 2 3 UNITED STATES BANKRUPTCY COURT 4 EASTERN DISTRICT OF CALIFORNIA 5 6 In re: Case No. 17-12389-A-7

7 DON ROSE OIL, INC.,

8 9 Debtor. 10

11 CONSOLIDATED RESOURCES, INC., Adv. No. 19-1137-A

12 Plaintiff, LAK-1, DB-1, SSN-1

13 v. MEMORANDUM

14 DRO BARITE, LLC, et al.,

15 Defendants. 16

17 Argued and submitted on March 18, 2020 18 at Fresno, California 19 Honorable Fredrick E. Clement, Bankruptcy Judge Presiding 20

21 Appearances: Brian A. Paino, McGlinchey Stafford for Consolidated Resources, Inc.; Lori E. 22 Eropkin, Levinson Arshonsky & Kurtz, LLP for Sallyport Commercial Finance, LLC; 23 Jamie P. Dreher and Brian E. Hamilton, Downey Brand LLP for Idemitsu Apollo 24 Corporation; Steven S. Newburgh, McLaughlin & Stern, PLLC, for Happy Rock 25 Merchant Solutions, LLC; Hagop T. Bedoyan, McCormick, Barstow, Sheppard, Wayte & 26 Carruth LLP for Happy Rock Merchant Solutions, LLC 27 1 The claim splitting rule precludes an aggrieved party from 2 pursuing two lawsuits arising from a single set of facts against the 3 same defendants. Here, the plaintiff filed an action against the 4 debtor and others, asserting its interest in barite mineral rights. 5 This court granted the defendants’ motion to dismiss the action, but 6 gave the plaintiff leave to amend. Rather than doing so, the 7 plaintiff re-filed the action in state court. May it do so? 8 I. FACTS 9 This is a dispute over the ownership of 200 acres of barite 10 minerals located in San Bernardino County, California. Barite is a 11 commercially valuable mineral with medical and industrial 12 applications.1 Consolidated Resources, Inc. (“Consolidated 13 Resources”), now wholly owned by Kodiak Mining & Minerals II, LLC 14 (“Kodiak Mining & Minerals”), contends it owns those rights free and 15 clear of encumbrances. Sallyport Commercial Finance, LLC 16 (“Sallyport”), Indemitsu Apollo Corporation (“Indemitsu”), and Happy 17 Rock Merchant Solutions, LLC (“Happy Rock”) claim ownership a 18 perfected security interests in those rights. 19 The underlying facts are murky. 20 A. State Law Rights 21 The barite mineral rights were originally owned by Consolidated 22 Resources, which was wholly owned by Don Rose. 23 Don Rose was the founder, and also the then the sole owner, of 24 Don Rose Oil Co., Inc. (“Don Rose Oil”). 25

1 “Barite” is “barium sulfate occurring as a mineral.” Webster’s New Explorer 26 Encyclopedic Dictionary 143 (2006 ed.). “Barium sulfate” is “a colorless crystalline insoluble compound BaS04 that is used as a pigment and extender, 27 as a filler, and as a substance opaque to X-rays in medical photography of the alimentary canal.” Id. 1 In 2012, Consolidated Resources borrowed $2 million from Kodiak 2 Mining & Minerals. Don Rose pledged 100% of the shares of 3 Consolidated Resources as security for that loan. When Consolidated 4 Resources failed to pay off the loan, Kodiak Mining & Minerals 5 exercised its rights under the pledge agreement and acquired all of 6 Consolidated Resources stock by re-issuing it in its own name, leaving 7 Don Rose without ownership of Consolidated Resources. 8 In 2014, Don Rose became entangled with John Castellucci 9 (“Castellucci”). Apparently under the auspices of saving Don Rose Oil 10 from what Don Rose believed to be impending financial danger, 11 Castellucci convinced Don Rose to allow him to take control of that 12 company. Castellucci acquired 51% of the stock of Don Rose Oil, took 13 control of the board of directors and installed his wife and son, 14 Linda Castellucci and Jason Castellucci, respectively, as officers 15 and/or employees. 16 Thereafter, Don Rose--acting on Castellucci’s instructions--made 17 efforts to wrest the barite mineral rights from Consolidated 18 Resources. He did so by twice attempting to encumber the barite 19 mineral rights owned by Consolidated Resources. Consolidated 20 Resources, Inc., and its parent company, Kodiak Mining & Minerals, 21 contend both are “bogus” and “a complete fabrication.” Second Amended 22 Complaint at ¶¶ 13 n. 1, 17, Kodiak Mining & Minerals II, LLC v. Don 23 Rose Oil Co., Inc., No. 17-1086 (Bankr. E.D. Cal. 2017), ECF No. 131; 24 Complaint ¶ 26, Consolidated Resources, Inc. v. DRO Barite, LLC, No. 25 19-1137 (Bankr. E.D. Cal. 2019), ECF No. 1. 26 Don Rose first attempted to do so by way of a transaction between 27 Don Rose, Don Rose Oil and Consolidated Resources. Under the terms of 1 Rose, individually, $3.9 million and Consolidated Resources gave Don 2 Rose Oil a security interest in the barite mineral rights.2 3 Don Rose’s second attempt was also a transaction between Don 4 Rose, Don Rose Oil and Consolidated Resources. Under the terms of 5 that agreement, Don Rose Oil loaned Consolidated Resources and Don 6 Rose, individually, $7 million and Consolidated Resources gave Don 7 Rose Oil a security interest in the barite mineral rights. Complaint 8 at ¶ 25, Consolidated Resources, Inc., No. 19-1137, ECF No. 1. 9 Castellucci, acting on behalf of Don Rose Oil, then obtained a 10 $7.25 million revolving line of credit from Siena Lending Group, LLC 11 using the $7 million secured loan from Consolidated Resources as 12 collateral. According to Consolidated Resources, Siena “had actual or 13 constructive knowledge” that the $7 million secured loan from 14 Consolidated Resources, Inc., to Don Rose Oil, was fabricated. Second 15 Amended Complaint at ¶ 21, Kodiak Mining & Minerals II, LLC, No. 17- 16 108617), ECF NO. 131. Siena later assigned the loan to Sallyport. 17 Don Rose and Castellucci then informed Consolidated Resources 18 that it was in default of the (non-existent) $7 million loan. 19 Thereafter, Don Rose, individually and acting in his capacity as 20 president of Consolidated Resources, and Castellucci, acting on behalf 21 of Don Rose Oil, entered into an agreement whereby Consolidated 22 Resources gave, and Don Rose Oil accepted, a deed in lieu of 23 foreclosure of the barite minerals. Consolidated Resources 24

2 According to Kodiak Mining & Minerals II, LLC there is no evidence that 25 money changed hands or that a promissory note was executed. Second Amended Complaint at ¶ 15, Kodiak Mining & Minerals II, LLC v. Don Rose Oil Co., 26 Inc., NO. 17-1086 (Bankr. E.D. Cal. 2017), ECF No. 131. A deed of trust was given. Exhibit J to Complaint, Kodiak Mining & Minerals II, LLC v. Don Rose 27 Oil Co., Inc., No. 17-1086 (Bankr. E.D. Cal. 2017), ECF No. 6. It is unclear whether the deed of trust was executed or recorded. 1 quitclaimed the barite mineral rights to Don Rose Oil. 2 Then, Don Rose Oil formed a wholly owned subsidiary, DRO Barite, 3 LLC (“DRO Barite”), and transferred the barite mineral rights to it. 4 Kodiak Mining & Minerals contends that the transfer was at the 5 insistence of Siena Lending Group, LLC, and/or Sallyport and that the 6 transfer was made for the express purpose of placing the barite 7 minerals beyond the reach of Kodiak Mining & Minerals, Consolidated 8 Resources and Don Rose Oil’s creditors. 9 After those rights were transferred to DRO Barite, Indemitsu 10 recorded a deed of trust against the mineral rights to secure a 11 $710,000 indebtedness by Don Rose Oil and Happy Rock recorded a deed 12 of trust against the mineral rights to secure a $1.3 million 13 indebtedness by DRO Barite. 14 B. Pre-bankruptcy Settlement 15 After these events, Don Rose Oil filed an action against Don 16 Rose, his spouse Janice Rose, Panagiotis Kechagias, Consolidated 17 Resources, and Hellenic Petroleum, LLC (“the Don Rose Oil action”).3 18 Don Rose Oil Co., Inc. v. Hellenic Petroleum, LLC, No. VCU267863 19 (Tulare County Superior Court December 13, 2016). Don Rose, Janice 20 Rose and Hellenic Petroleum, LLC filed a counterclaim and third-party 21 claim.

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Consolidated Resources, Inc. v. DRO Barite, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/consolidated-resources-inc-v-dro-barite-llc-caeb-2020.