Etana Custody Limited v. Cothey

CourtDistrict Court, D. Colorado
DecidedMarch 28, 2025
Docket1:24-cv-01707
StatusUnknown

This text of Etana Custody Limited v. Cothey (Etana Custody Limited v. Cothey) is published on Counsel Stack Legal Research, covering District Court, D. Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Etana Custody Limited v. Cothey, (D. Colo. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO Chief Judge Philip A. Brimmer Civil Action No. 24-cv-01707-PAB-SBP ETANA CUSTODY LIMITED, Plaintiff and Counter Defendant, v. KENVOR COTHEY, Defendant and Counter Claimant / Third-Party Plaintiff, v. ETANA HOLDINGS, INC., Third-Party Defendant.

ORDER

This matter comes before the Court on Plaintiff’s and Third-Party Defendant’s 12(b)(6) Motion to Dismiss the First Amended Counterclaim and Third-Party Complaint of Kenvor Cothey [Docket No. 20] and Plaintiff’s and Third-Party Defendant’s 12(f) Motion to Strike Portions of the First Amended Counterclaim and Third-Party Complaint of Kenvor Cothey [Docket No. 19] filed by Etana Custody Limited and Etana Holdings, Inc. Defendant Kenvor Cothey, who is also a counter claimant/third-party plaintiff, filed

responses to the motion to strike, Docket No. 29, and to the motion to dismiss. Docket No. 33.1 Etana Custody Limited and Etana Holdings, Inc. filed replies. Docket No. 37; Docket No. 38. The Court has jurisdiction pursuant to 28 U.S.C. § 1332. I. BACKGROUND2 Kenvor Cothey brings counterclaims against Etana Custody Limited (“Etana”) and claims against Etana’s holding company, Etana Holdings, Inc. (“Holdings”).3

Docket No. 13 at 12, ¶¶ 1-3. Mr. Cothey is a technology developer with a background in the financial services industry. Id. at 13, ¶ 8. Mr. Cothey met the CEO of Custody, Brandon Russell, in late 2018 through an introduction by Etana board member Rob Fleschler. Id., ¶ 9. Mr. Cothey provided consulting services to Etana throughout 2019 and 2020. Id., ¶ 10. In the summer of 2020, Mr. Cothey and Etana discussed the possibility of hiring Mr. Cothey as a full-time employee. Id., ¶ 12. Mr. Cothey received an initial offer letter on June 1, 2020, and negotiations over the terms of his employment ensued. Id., ¶¶ 12-13. Emails from Mr. Fleschler later that month outlined the high- level details of a revised employment agreement. Id., ¶ 14. After some delay, Mr. Cothey received a formal offer letter on January 5, 2021. Id. at 14, ¶ 16. On January

1 Mr. Cothey filed two responses to the motion to dismiss, which appear to be slightly different from each other. Docket No. 32; Docket No. 33. Mr. Cothey has not explained the reason for the dual filings, but the Court will assume that Docket No. 33 is meant to be a correction to Docket No. 32 and will treat the later filing as the operative response for the purposes of ruling on the present motions. 2 The facts below are taken from Mr. Cothey’s first amended answer, counterclaim, and third-party complaint, Docket No. 13, and are presumed to be true, unless otherwise noted, for purposes of ruling on the motion to dismiss. 3 Mr. Cothey’s first two causes of action – breach of contract and breach of the implied covenant of good faith and fair dealing – are alleged against both Etana and Holdings. Docket No. 13 at 18-21. Mr. Cothey’s third and fourth causes of action – violation of the Colorado Wage Claim Act and wrongful termination – are alleged only against Etana. Id. at 21-23. While the counts against Etana are “counterclaims” and the counts against Holdings are “claims,” the Court will, for the sake of simplicity, refer to all of the claims as “counterclaims.” 16, 2021, Mr. Cothey signed the offer letter, as well as a restricted stock agreement (the “RSA”). Id. at 15, ¶ 19. Tina Tran countersigned the offer letter as the chief operating officer of Etana. Docket No. 13-4 at 4. Mr. Russell countersigned the RSA as the chief executive officer of Etana. Docket No. 13-5 at 13. The portion of the offer letter relevant to the present motions states:

3. Equity Compensation. In addition to the foregoing Cash Compensation and benefits, Etana Holdings, Inc. will grant you, subject to the approval by the Board of Directors of Etana Holdings, Inc., 259,775 of 3,711,084 shares of Common Stock, $0.0001 par value, in accordance with the terms of the Restricted Stock Agreement between Etana Holdings, Inc. and you. This grant includes the provision that you agree to any transfer of Common Stock to a new legal entity for ownership purposes should the Company [Etana] be required by law or regulatory body to modify its current capital structure. Grant structure to be determined, pending outcome of currently pending regulatory restructuring.

Id. at 14, ¶ 17; Docket No. 13-4 at 2.4 The RSA refers to the signatories of the agreement as “shareholders” and describes “shareholders” as “the owners of outstanding capital stock of the Corporation (the ‘Shares’).” Docket No. 13 at 15, ¶ 20; Docket No. 13-5 at 2. The RSA also states: 3.1 Conditions to Issuing Shares. No Shares may be issued by the Board without the approval of Shareholders holding fifty percent (50%) of the Shares. Before Shares are issued or reissued to any person, directly, upon exercise of an optional or mandatory purchase under this Agreement, or upon a Transfer permitted as provided herein, such person shall be required to do all of the following: (a) Sign and deliver to the Corporation an Addendum to this Agreement, agreeing to be personally bound by this Agreement.

4 “Generally, a court considers only the contents of the complaint when ruling on a 12(b)(6) motion,” but “[e]xceptions to this general rule include the following: documents incorporated by reference in the complaint; documents referred to in and central to the complaint, when no party disputes its authenticity; and ‘matters of which a court may take judicial notice.’” Clinton v. Sec. Benefit Life Ins. Co., 63 F.4th 1264, 1275 (10th Cir. 2023) (quoting Berneike v. CitiMortgage, Inc., 708 F.3d 1141, 1146 (10th Cir. 2013)). The Court finds that both the offer letter and the RSA are referred to and central to Mr. Cothey’s counterclaims and therefore the Court may consider them in ruling on the motion to dismiss. (b) Endorse in blank the stock certificate(s), if any, representing his or her Shares or execute a stock power or assignment separate from certificate(s). (c) For the purpose of carrying out the terms of this Agreement, deposit the endorsed stock certificate(s), if any, and any separate stock power or assignment with the secretary of the Corporation; (d) Have signed and delivered to the Corporation a Consent of Spouse, if required as provided below. (e) Each Shareholder shall have the right to vote his or her Shares and shall receive the dividends paid thereon until such Shares are formally Transferred as provided herein. No Shares can be Transferred except in accordance with the terms hereof, and the person designated by the Corporation to hold the Shares shall hold and deliver the Share certificates only in accordance with the provisions hereof.

Docket No. 13-5 at 4. Mr. Russell, who held 97% of the equity in the company, also signed the RSA. Docket No. 13 at 15, ¶ 21. After becoming an employee, Mr. Cothey worked as Etana’s head of technology. Id. at 15-16, ¶ 22. Beginning in 2022, Mr. Cothey repeatedly asked various board members, including Joel Kinney and Mr. Russell, why Mr. Cothey had not yet received the shares of stock referred to in the offer letter. Id. at 16, ¶¶ 24-29. Mr. Kinney said that the company was working on the paperwork for the equity. Id., ¶ 25. Mr. Russell told Mr. Cothey that the equity was forthcoming. Id., ¶ 26. In the fourth quarter of 2022, Mr. Cothey began to be excluded from management meetings. Id. at 17, ¶ 32. On or about January 31, 2023, Mr. Russell informed Mr. Cothey that the company was terminating Mr. Cothey, effective immediately. Id., ¶ 33. Mr. Cothey “reminded Mr. Russell that he (Mr.

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Etana Custody Limited v. Cothey, Counsel Stack Legal Research, https://law.counselstack.com/opinion/etana-custody-limited-v-cothey-cod-2025.