ESTATE CAPITAL GROUP LLC VS. ALLIANCE HEALTH CARE, INC. (C-000078-17, HUDSON COUNTY AND STATEWIDE)

CourtNew Jersey Superior Court Appellate Division
DecidedJuly 23, 2020
DocketA-1018-18T3
StatusUnpublished

This text of ESTATE CAPITAL GROUP LLC VS. ALLIANCE HEALTH CARE, INC. (C-000078-17, HUDSON COUNTY AND STATEWIDE) (ESTATE CAPITAL GROUP LLC VS. ALLIANCE HEALTH CARE, INC. (C-000078-17, HUDSON COUNTY AND STATEWIDE)) is published on Counsel Stack Legal Research, covering New Jersey Superior Court Appellate Division primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
ESTATE CAPITAL GROUP LLC VS. ALLIANCE HEALTH CARE, INC. (C-000078-17, HUDSON COUNTY AND STATEWIDE), (N.J. Ct. App. 2020).

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court ." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited. R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-1018-18T3

ESTATE CAPITAL GROUP, LLC, MCGINLEY SQUARE GROUP, LLC, and CEDAR LANE REALTY, LLC,

Plaintiffs-Respondents,

v.

ALLIANCE HEALTHCARE, INC., d/b/a HORIZON HEALTH CENTER,

Defendant-Appellant,

and

SEAVIEW CAPITAL PARTNERS, LLC and JERSEY CITY BERGEN, LLC,

Defendants. ____________________________________

Argued telephonically April 27, 2020 – Decided July 23, 2020

Before Judges Sabatino, Sumners and Natali.

On appeal from the Superior Court of New Jersey, Chancery Division, Hudson County, Docket No. C- 000078-17. Laurence B. Orloff argued the cause for appellant (Orloff, Lowenbach, Stifelman & Siegel, PA, attorneys; Laurence B. Orloff, of counsel and on the briefs; Xiao Sun, on the briefs).

Gregory M. Dexter argued the cause for respondents (Newman Ferrara, LLP, attorneys; Gregory M. Dexter, of counsel and on the brief).

PER CURIAM

In this complicated commercial litigation, defendant Alliance Healthcare

Inc. (Alliance) appeals the Chancery Division's: (1) October 12, 2018 order

requiring it to pay interest on the $2.1 million loan provided by plaintiff

McGinley Square Group, LLC (McGinley Square) held in escrow by Jersey City

Bergen, LLC's (JCB) counsel, and on the $50,000 loan provided by plaintiff

Cedar Lane Realty, LLC (Cedar Lane) that was repaid after the due date; (2)

January 15, 2019 order requiring it to pay attorneys' fees of $387,954.22 and

costs of $1,433.68 to plaintiffs related to their collection of the Cedar Lane loan

and enforcement of the agreement concerning the $2.1 million pay-off by

McGinley Square; and (3) February 9, 2019 order requiring it to pay monetary

sanctions of $106,500 for not selling several of its properties in Jersey City ("the

properties") to plaintiffs by the court-ordered deadline of November 20, 2018.

A-1018-18T3 2 For the reasons that follow, we affirm in part and reverse, and remand in

part. Specifically, we: (1) affirm the monetary sanctions payable to plaintiffs

for not selling the properties by the court-ordered deadline; (2) affirm the award

of attorneys' fees and costs related to plaintiffs' collection of the Cedar Lane

loan; (3) reverse the award of interest on the $2.1 million to plaintiffs; (4)

reverse the award of attorney's fees and costs to plaintiffs for enforcing Seaview

Capital Partners, LLC (Seaview Capital) and JCB's purchase option agreement

prior to the assignment of their rights to purchase the properties; and (5) remand

for the court to reduce the award of attorneys' fees and costs related to Seaview

Capital and JCB's efforts to purchase the properties.

I.

We presume the parties' familiarity with the details of the numerous

financial transactions and the associated facts culminating in a lengthy history

of litigation involving six separate entities, spanning two lawsuits, and several

appeals; thus, they need not be repeated here. In the interests of brevity, we

therefore provide only a brief summary to give context to our decision.

At the center of this dispute is the long-delayed sale of the properties by

Alliance. Upon emerging from Chapter 11 bankruptcy, Alliance received a

debtor-in-possession (DIP) loan from Estate Capital, one of the three plaintiffs

A-1018-18T3 3 which Rafael Levy is the principal and at least fifty percent owner of, and are

appellants in this appeal. Levy's other two entities are McGinley Square and

Cedar Lane.

The DIP loan was paid in full on May 1, 2016, when Seaview Capital

through JCB, a new entity established by Seaview Capital for the loan

transaction, made a loan to Alliance at a twelve percent interest rate secured by

a mortgage with an option to purchase the properties as a part of a contemplated

sale leaseback transaction. The option was valid from May 2 to July 1, 2016.

The proposed commercial lease, if the option was exercised, provided that for

ten years Alliance would pay monthly rent of $45,000. After completion of the

agreement, Seaview Capital and JCB began conducting due diligence. At some

point during due diligence, environmental concerns arose.

A month before the expiration of the option agreement, on June 1, 2016,

Alliance entered into a purchase and sale agreement of the properties with

McGinley Square, which agreed to pay-off the $2.1 million loan from JCB and

pay about $800,000 to Alliance for improvements to the properties at closing.

In addition, Cedar Lane loaned Alliance $50,000, which was due July 1, 2016,

with the agreement that in the event of default, Alliance would pay "costs of

collection, including reasonable attorneys' fees[.]"

A-1018-18T3 4 On June 2, 2016, McGinley Square provided $2,095,748.24 to Alliance,

which Alliance wired to JCB to pay off the loan from Seaview Capital and JCB.

The next day, JCB "rejected the payoff and refused to discharge the . . . loan

because the money came from McGinley [Square], rather than Alliance." The

$2.1 million Alliance transferred to JCB as a complete payment for the loan was

deposited in a trust account held by Seaview Capital and JCB's counsel since

there were no instructions on how to wire it back to Alliance.

On June 6, 2016, JCB exercised its option to purchase Alliance's

properties. The same day, Alliance filed an order for JCB to show cause for

refusing the loan payment.

On October 18, 2016, the first court,1 issued a temporary restraining order

(TRO) requiring the $2.1 million to stay in the trust account held by Seaview

Capital and JCB's counsel. For reasons explained in its twenty-page written

decision, the court at that time: (1) directed JCB to discharge the May 2, 2016

mortgage of $2.1 million; (2) denied Alliance's claims that the option contract

with JCB was void as unenforceable; and (3) granted JCB and Seaview Capital's

1 For the sake of clarity, we use the term "first court" and later "second court" because the second court took over due to the first judge's retirement in July 2018. A-1018-18T3 5 summary judgment request and required performance of the option contract by

Alliance.

In compliance with the TRO, JCB discharged Alliance's mortgage, but

retained the $2.1 million paid to Alliance by McGinley Square by holding it in

their counsel's trust account because JCB determined it "would pay McGinley

Square back when [JCB] and Alliance closed on their deal." Subsequently,

Alliance and JCB entered into a modified option contract where a new closing

date of January 31, 2017 was set, and changes were made to the payment terms

and which properties were to be sold.

Meanwhile, plaintiffs filed the within complaint on June 5, 2017 seeking:

(1) specific performance compelling Alliance to sell the properties to McGinley

Square pursuant to the purchase sale agreement; (2) injunctions against Alliance

for selling the properties to JCB; (3) a declaratory judgment that the purchase

sale agreement is valid and the option to purchase has expired; (4) an award of

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ESTATE CAPITAL GROUP LLC VS. ALLIANCE HEALTH CARE, INC. (C-000078-17, HUDSON COUNTY AND STATEWIDE), Counsel Stack Legal Research, https://law.counselstack.com/opinion/estate-capital-group-llc-vs-alliance-health-care-inc-c-000078-17-njsuperctappdiv-2020.