Dua v. Global Growth Holdings, Inc.

CourtDistrict Court, M.D. Florida
DecidedMarch 26, 2025
Docket6:24-cv-00911
StatusUnknown

This text of Dua v. Global Growth Holdings, Inc. (Dua v. Global Growth Holdings, Inc.) is published on Counsel Stack Legal Research, covering District Court, M.D. Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Dua v. Global Growth Holdings, Inc., (M.D. Fla. 2025).

Opinion

UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA ORLANDO DIVISION

SANDEEP DUA,

Plaintiff,

v. Case No: 6:24-cv-911-PGB-UAM

SOUTHERN HOBBY DISTRIBUTION, LLC, BKX HOLDINGS, LLC, BECKETT COLLECTIBLES, LLC, and GLOBAL GROWTH HOLDINGS, LLC,

Defendants. / ORDER This cause comes before the Court upon the following filings: 1. Defendant Global Growth Holdings, LLC’s (“Defendant GGH”) Motion to Dismiss Counts VI and VII of Plaintiff’s Second Amended Complaint (Doc. 52 (the “GGH Motion”)) and Plaintiff Sandeep Dua’s (“Plaintiff”) response thereto (Doc. 61); and 2. Defendants Beckett Collectibles, LLC; Southern Hobby Distribution, LLC; and BKX Holdings, LLC’s (collectively, the “Beckett Defendants”) Motion to Dismiss Plaintiff’s Second Amended Complaint (Doc. 54 (the “Beckett Defendants’ Motion”)) and Plaintiff’s response thereto (Doc. 62). Upon consideration, the GGH Motion is due to be granted, and the Beckett Defendants’ Motion is due to be denied. I. BACKGROUND1

This lawsuit arises from Plaintiff’s employment and termination payout with Defendant GGH and the Beckett Defendants. (See generally Doc. 51 (the “Second Amended Complaint” or “SAC”)). The relation between Defendant GGH and the Beckett Defendants stems from a common nucleus, Greg E. Lindberg (“Mr. Lindberg”). (Id. ¶¶ 20–21). Mr.

Lindberg is a businessman who has “built a private equity empire that has generated billions of dollars in annual revenue.” (Id.). Mr. Lindberg’s private equity empire embodies a “complicated structure which includes various entities, holding companies, and [a] trust.” (Id. ¶ 21). Within this complicated structure is Defendant GGH, the parent company of all entities owned by Mr. Lindberg. (Id. ¶ 24). These entities include Defendant Beckett Collectibles, LLC (“Defendant

Beckett Collectibles”), Defendant Southern Hobby Distribution, LLC (“Defendant Southern Hobby”), and Defendant BKX Holdings, LLC (“Defendant BKX Holdings”). (Id. ¶¶ 4–16). One way or another, Defendant GGH and the Beckett Defendants are “collectively co-owned and interchangeably operated.” (Id.).

1 This account of the facts comes from Plaintiff’s Second Amended Complaint. (Doc. 51). The Court accepts well-pled factual allegations as true when considering motions to dismiss. See Williams v. Bd. of Regents, 477 F.3d 1282, 1291 (11th Cir. 2007). Plaintiff began his employment in 2009 with Eli Research India Private, Ltd., which, at the time, was a subsidiary of what is now Defendant GGH. (Id. ¶ 28). In his role, Plaintiff was responsible for projects assigned to Beckett Media,

LP (“Beckett Media”), which later became Defendant Beckett Collectibles, as well as projects assigned to other companies owned by Mr. Lindberg. (Id. ¶¶ 30, 40–41). Plaintiff was successful in this role as Mr. Lindberg ultimately promoted Plaintiff to CEO/President of Beckett Media in 2012. (Id. ¶ 33). In 2014, Plaintiff was offered stock appreciation rights agreements

(“SARs”) to incentivize his performance with Becket Media, its affiliates, and other companies. (Id. ¶ 38). Plaintiff entered into SARs with Defendant GGH and Defendant Beckett Collectibles. (Id. ¶ 42; Doc. 51-1). Then, from 2014 to 2018, Plaintiff successfully led Defendant Beckett Collectibles and its affiliates (the “Beckett Group”) in a series of global acquisitions, expansions, and portfolio management. (Doc. 51, ¶¶ 36–54).

However, in 2018, Mr. Lindberg faced legal issues related to his insurance business portfolio. (Id. ¶ 55). Such legal issues escalated, and ultimately, in 2020, Mr. Lindberg was “convicted of bribery concerning programs receiving federal funds and conspiracy to commit ‘honest services wire fraud.’” (Id. ¶ 60). Considering Mr. Lindberg was imprisoned in 2020, he hired Justin Holbrook

(“Mr. Holbrook”) to lead Defendant GGH. (Id. ¶ 61). Despite this bump in the road, Plaintiff continued along his path of success through his acquisition of Defendant Southern Hobby and securement of funding for Defendant GGH’s future acquisitions. (Id. ¶¶ 62–68). Moreover, Plaintiff’s portfolio management shows that Plaintiff more than doubled the value of the Beckett Group entities up until 2021. (Id. ¶¶ 70–71).

Nonetheless, by the end of 2021, Plaintiff decided that he wanted to voluntarily terminate his employment because he “was not in agreement with the future direction” of Defendant GGH and the Beckett Defendants. (Id. ¶ 82). Thus, Plaintiff negotiated the termination letter (Doc. 51-2 (the “Termination Agreement”)) with Mr. Holbrook, who was the CEO of Defendant GGH and

interim CEO of Defendant Beckett Collectibles at the time. (Doc. 51, ¶¶ 83, 86). Plaintiff and Defendant GGH (referred to in the Termination Agreement as the “Company”) executed the Termination Agreement on March 23, 2022. (Doc. 51-2). Pursuant to the Termination Agreement, Defendant GGH agreed to pay Plaintiff, in monthly installments, $3,291,377.52 for his accrued bonus and $12,266,261.86 for his SARs payout. (Id.; Doc. 51, ¶¶ 90–91). The Termination

Agreement provided that such payments would be “funded by the Company from the Company’s affiliates BKX Holdings, LLC, AT Denmark Investments ApS, and Southern Hobby Distribution, LLC, and such entities[’] respective affiliates (collectively, the ‘Operating Group’).” (Doc. 51-2, p. 3). In exchange, Plaintiff signed a release of the SARs in a provision stating, “all SARs agreements by and

between you and the Company, and between you and any affiliates of the Company, are hereby terminated and extinguished in full subject to fulfillment of payment obligations by the Company as per this letter.” (Id.). Plaintiff also signed a confidentiality and non-compete agreement. (Docs. 51-2, 51-5). Thus, throughout 2022 and 2023, Defendant GGH’s affiliates, including

Defendant Beckett Collectibles and Defendant Southern Hobby, made direct payments to Plaintiff, totaling to $6,731,599.82. (Doc. 51, ¶ 104; Doc. 51-3). However, a shortfall balance arose, and Plaintiff contacted Defendant GGH’s director of finance, Marc Greenspan (“Mr. Greenspan”), requesting an explanation. (Doc. 51, ¶ 106; Doc. 51-4). After several e-mail exchanges, Mr.

Greenspan ultimately informed Plaintiff on May 19, 2023, that the payments owed to Plaintiff under the Termination Agreement could no longer be fulfilled. (Doc. 51, ¶ 110). As a result, Plaintiff initiated this lawsuit on May 15, 2024. (Doc. 1). Pursuant to the Second Amended Complaint, Plaintiff alleges the following causes of action: breach of contract as to Defendant GGH (Count I); anticipatory repudiation as to

Defendant GGH (Count II); breach of contract implied in fact as to the Beckett Defendants (Count III); anticipatory repudiation of contract implied in fact as to the Beckett Defendants (Count IV); in the alternative, tortious interference with a contract as to the Beckett Defendants (Count V); in the alternative, unjust enrichment as to Defendant GGH and the Beckett Defendants (Count VI); and in

the alternative, quantum meruit as to Defendant GGH and the Beckett Defendants (Count VII). (Doc. 51, ¶¶ 118–77). Defendant GGH moves to dismiss Counts VI and VII for failure to state a claim. (See Doc. 52). The Beckett Defendants move to dismiss Counts III through VII for failure to state a claim. (See Doc. 54). Plaintiff responded in opposition.

(Docs. 61, 62). The matter is thus ripe for review. II. STANDARD OF REVIEW To survive a Rule 12(b)(6) motion to dismiss, the complaint “must contain sufficient factual matter, accepted as true, to ‘state a claim to relief that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atl. Corp. v.

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

Related

Alonzo Austin v. Modern Woodman of America
275 F. App'x 925 (Eleventh Circuit, 2008)
Beck v. Lazard Freres & Co., LLC
175 F.3d 913 (Eleventh Circuit, 1999)
Theresa St. George v. Pinellas County
285 F.3d 1334 (Eleventh Circuit, 2002)
Access Now, Inc. v. Southwest Airlines Co.
385 F.3d 1324 (Eleventh Circuit, 2004)
Tiffany Williams v. Board of Regents
477 F.3d 1282 (Eleventh Circuit, 2007)
Bonilla v. Baker Concrete Construction, Inc.
487 F.3d 1340 (Eleventh Circuit, 2007)
Babineau v. Federal Express Corp.
576 F.3d 1183 (Eleventh Circuit, 2009)
Papasan v. Allain
478 U.S. 265 (Supreme Court, 1986)
Hercules, Inc. v. United States
516 U.S. 417 (Supreme Court, 1996)
Bell Atlantic Corp. v. Twombly
550 U.S. 544 (Supreme Court, 2007)
Ashcroft v. Iqbal
556 U.S. 662 (Supreme Court, 2009)
Princeton Homes, Inc. v. Virone
612 F.3d 1324 (Eleventh Circuit, 2010)
Merle Wood and Associates, Inc. v. Trinity Yachhts, LLC
714 F.3d 1234 (Eleventh Circuit, 2013)
Commerce v. Equity
695 So. 2d 383 (District Court of Appeal of Florida, 1997)
Townsend Contracting v. JENSEN CIV. CONST.
728 So. 2d 297 (District Court of Appeal of Florida, 1999)
Florida Telephone Corp. v. Essig
468 So. 2d 543 (District Court of Appeal of Florida, 1985)
Mori v. MATSUSHITA ELEC. CORP., ETC.
380 So. 2d 461 (District Court of Appeal of Florida, 1980)

Cite This Page — Counsel Stack

Bluebook (online)
Dua v. Global Growth Holdings, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/dua-v-global-growth-holdings-inc-flmd-2025.