GLANTON v. NEWPORT INVESTMENT GROUP, LLC

CourtDistrict Court, D. New Jersey
DecidedJune 30, 2024
Docket3:23-cv-03868
StatusUnknown

This text of GLANTON v. NEWPORT INVESTMENT GROUP, LLC (GLANTON v. NEWPORT INVESTMENT GROUP, LLC) is published on Counsel Stack Legal Research, covering District Court, D. New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
GLANTON v. NEWPORT INVESTMENT GROUP, LLC, (D.N.J. 2024).

Opinion

NOT FOR PUBLICATION

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY

In Re: RICHARD HOWARD GLANTON, Debtor, Civil Action No. 23-03868 (GC) RICHARD HOWARD GLANTON, On Appeal from Appellant, Bankruptcy Case No. 22-11055 (CMG) Adversary Pro. No. 22-01388 (CMG) v. OPINION NEWPORT INVESTMENT GROUP, LLC,

Appellee.

CASTNER, District Judge THIS MATTER comes before the Court upon an appeal by Appellant Richard Glanton from the July 7, 2023 Order and Opinion issued by the Bankruptcy Court, which denied Appellant’s motion to dismiss Adversary Proceeding No. 22-01388, brought against him by Appellee Newport Investment Group, LLC, of California. (ECF No. 1.) The Court has carefully considered the parties’ submissions, and for the reasons set forth below, AFFIRMS the Bankruptcy Court’s Order. I. BACKGROUND Appellant Richard Glanton challenges the July 7, 2023 Order and accompanying Opinion from the Bankruptcy Court that denied his motion to dismiss the adversary proceeding brought against him by Appellee Newport Investment Group, LLC, of California.1 (ECF No. 1.) On February 9, 2022, Mr. Glanton filed a voluntary petition for bankruptcy pursuant to

Chapter 11 of the Bankruptcy Code, Bankruptcy Case No. 22-11055. On June 7, 2022, Newport California filed a proof of claim for $7,186,756.38. (ECF No. 18 at 4-6.) On August 30, 2022, the Bankruptcy Court converted the Chapter 11 bankruptcy case to one under Chapter 7 of the Bankruptcy Code. On or about December 7, 2022, Newport California filed an adversary complaint against Mr. Glanton for nondischargeability of debt pursuant to 11 U.S.C. § 523 and for denial of discharge pursuant to 11 U.S.C. § 727. (Id. at 135-172.) In its adversary complaint, Newport California alleged that it is a secured creditor of Mr. Glanton, a resident of Princeton, New Jersey. (Id. at 138.) It further alleged that Mr. Glanton “attempted to borrow money from [Newport’s] assignor Luxury Asset Lending, LLC, . . . a

licensed California Commercial Finance Lender and holder of a Pawn Brokers License . . . on behalf of himself, and a company he represented to be the . . . majority controlling shareholder of, . . . called Philadelphia Television Network, Inc., a Pennsylvania corporation.” (Id. at 140.) This alleged loan resulted in an April 6, 2017 default judgment in the Superior Court of the State of California against Mr. Glanton in the amount of $3,897,919.22. (Id. at 141.) The judgment was

1 Mr. Glanton is proceeding pro se, but he indicates in his filings that he is an attorney and member of the Pennsylvania bar. (See, e.g., ECF No. 7 at 1.) allegedly assigned to Newport Montana on April 23, 2018.2 (Id.) Newport Montana allegedly then assigned the judgment to Newport California on July 18, 2018. (ECF No. 18-2 at 400-401.) On or about March 7, 2023, Mr. Glanton moved to dismiss the adversary complaint. (ECF No. 18 at 199-200.) Among other things, Mr. Glanton argued that Newport California does not have standing to bring the adversary complaint against him because the default judgment was

vacated by the Court of Appeal of the State of California in October 2020. (Id. at 213-215.) He also argued that there had been two Newport entities—Newport Montana and Newport California, with the same names—and that the initial assignment of the default judgment from Luxury Asset Lending to Newport Montana in April 2018 was invalid and the subsequent assignment of the judgment from Newport Montana to Newport California (the Appellee here) in July 2018 was also invalid. (Id. at 763-781.) Following several rounds of briefing, multiple oral arguments, discovery, and a May 15, 2023 evidentiary hearing, the Bankruptcy Court denied the motion to dismiss on July 7, 2023. (ECF No. 1-2 at 1-22.) In its Opinion, the Bankruptcy Court addressed three issues: (1) whether

the default judgment against Mr. Glanton and the assignment of the default judgment from Luxury Asset Lending to Newport Montana were vacated by the California Court of Appeal in 2020, leaving Newport California with no claim against Mr. Glanton; (2) whether the default judgment had been properly assigned, in April 2018, from Luxury Asset Lending to Newport Montana; and (3) whether Newport Montana then properly assigned the default judgment, in July 2018, to Newport California, the Appellee here. (Id. at 2.)

2 The unusual events underpinning the questionable loan from Luxury Asset Lending are described in detail by the Court of Appeal of the State of California in Luxury Asset Lending, LLC v. Philadelphia Television Network, Inc., 56 Cal. App. 5th 894 (2020). On the first issue, the Bankruptcy Court determined that Mr. Glanton’s claim that the default judgment against him was vacated “is wholly unsupported by an examination of the” California Court of Appeal’s decision. (Id. at 9.) Mr. Glanton took “no part in the motion to vacate,” and the Bankruptcy Court found that the California Court of Appeal’s decision relieved only the Philadelphia Television Network from the default judgment that was joint and several.

(Id. at 10.) The Bankruptcy Court also determined that the California Court of Appeal’s decision vacated the April 30, 2018 order that assigned Mr. Glanton’s interests in Philadelphia Television Network, but it did not vacate the April 23, 2018 assignment from Luxury Asset Lending to Newport Montana of the default judgment against Mr. Glanton in his individual capacity. (Id. at 10-11.) On the second issue, the Bankruptcy Court determined that the April 23, 2018 assignment of the judgment from Luxury Asset Lending to Newport Montana was valid. (Id. at 12-13.) Mr. Glanton argued that the assignment was invalid because Newport Montana had been subject to a February 24, 2018 Montana Notice of Involuntary Dissolution, but the Bankruptcy Court found

that Newport Montana had been reinstated on December 10, 2018, by the Montana Secretary of State and Montana law holds that this made Newport Montana “an existing legal entity at the time of the Judgment Assignment” back in April 2018. (Id. at 13.) The Bankruptcy Court cited testimony from a Montana corporate attorney who supported this conclusion. (Id.) Finally, on the third issue, the Bankruptcy Court determined that there were “no grounds to disturb the” assignment from Newport Montana to Newport California. (Id. at 20.) Mr. Glanton argued that the assignment between the two entities was invalid because the individual who “signed the document transferring the Judgment from Newport MT to Newport CA . . . on behalf of Newport MT in July 2018,” Brian Roche, had dissociated from Newport Montana in February 2018. (Id. at 13-14.) The Bankruptcy Court accepted that Mr. Roche dissociated from Newport Montana and that Montana law provides that “upon dissociation from an LLC ‘a member’s right to participate in the management and conduct of the company’s business terminates,’” but the Bankruptcy Court noted that evidence showed that on “the same date” of Mr. Roche’s dissociation, “a ‘First Amended and Restated Operating Agreement’ of Newport MT was executed” that

“specified . . . that Roche was the ‘appointed manager’” and was authorized at “all times . . . to take actions on behalf of the LLC.” (Id. at 15-17 (first quoting Mont. Code Ann. § 35-8- 805(2)(a)).) The Bankruptcy Court found that “whatever the effect of dissociation,” the “First Amended Operating Agreement of Newport MT ma[de] clear that . . . it was the intention of the members that Roche continue to manage Newport MT.” (Id.

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Bluebook (online)
GLANTON v. NEWPORT INVESTMENT GROUP, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/glanton-v-newport-investment-group-llc-njd-2024.