Hana Bank v. South Pacific Petroleum Corporation

CourtDistrict Court, D. Guam
DecidedAugust 13, 2010
Docket1:09-cv-00012
StatusUnknown

This text of Hana Bank v. South Pacific Petroleum Corporation (Hana Bank v. South Pacific Petroleum Corporation) is published on Counsel Stack Legal Research, covering District Court, D. Guam primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Hana Bank v. South Pacific Petroleum Corporation, (gud 2010).

Opinion

1 2 3 4 5 DISTRICT COURT OF GUAM 6 TERRITORY OF GUAM 7 8 HANA BANK, in its Capacity as Trustee of ) CIVIL CASE NO. 09-00012 Plus Private Overseas Asset Balanced ) 9 Investment Trust #1, ) ) 10 Plaintiff, ) ) 11 vs. ) O R D E R ) 12 SOUTH PACIFIC PETROLEUM CORP. and ) ACCESS YPAO, INC. ) 13 ) Defendants. ) 14 _______________________________________) MIRAE ASSET SECURITIES CO. LTD. and ) CIVIL CASE NO. 09-00013 15 BYUCKSAN ENGINEERING & ) CONSTRUCTION CO., LTD. ) 16 ) Plaintiffs, ) 17 ) vs. ) 18 ) SOUTH PACIFIC PETROLEUM CORP. and ) 19 ACCESS YPAO, INC., LTD. ) ) 20 Defendants. ) ) 21 _______________________________________) MIRAE ASSET SECURITIES CO. LTD. and ) CIVIL CASE NO. 09-00014 22 BYUCKSAN ENGINEERING & ) CONSTRUCTION CO., LTD. ) 23 ) Plaintiffs, ) 24 ) vs. ) 25 ) SOUTH PACIFIC PETROLEUM CORP. and ) 26 HANOM INVESTMENTS, INC., ) ) 27 Defendants. ) ) 28 _______________________________________) 1 SOUTH PACIFIC PETROLEUM CORP, ) ) 2 Counterclaimant/Cross- ) Claimant/Third Party Plaintiff, ) 3 ) vs. ) 4 ) HANA BANK, MIRAE ASSET SECURITIES ) 5 CO., LTD., BYUCKSAN ENGINEERING & ) CONSTRUCTION CO., LTD., ACCESS ) 6 YPAO INC., HANOM INVESTMENTS, INC., ) BRIAN Y. SUHR, MICHAEL S. HAHM, ) 7 WOO JONG, KIM, GI TAE KIM AND ) DOES 1-100, ) 8 ) Counterdefendants/Cross-claim ) 9 Defendants/Third Party ) Defendants. ) 10 _______________________________________) 11 The court heard cross claim Defendant Access Ypao Inc.’s motion to disqualify the law 12 firm of Lujan Aguigui & Perez LLP, as well as Co-counsel Mark Smith, from further 13 representing defendant and cross claim plaintiff South Pacific Petroleum Corporation on July 15, 14 2010. Access Ypao Inc. (Access) seeks to disqualify law firm of Lujan Aguigui & Perez LLP 15 (the Lujan firm) as well as Co-counsel Mark Smith (Smith) from further representing defendant 16 and cross claim plaintiff South Pacific Petroleum Corporation (SPPC) on a conflict of interest 17 that allegedly arises from the Lujan’s firm prior representation of Access which is substantially 18 related to the instant action. 19 At the conclusion of the hearing, the court asked for the submission of additional 20 information. The parties have since filed additional materials. After having reviewed the 21 additional information, the memoranda in support and in opposition to the motions, the replies to 22 the opposition, and the arguments by the parties, the court hereby renders its decision in this 23 Order. 24 BACKGROUND 25 The consolidated actions arise from a series of loans by the Plaintiffs to defendants 26 Access Ypao and Hanom Investments. Each of the loans for millions of dollars were secured by 27 a guarantee executed by SPPC in 2007. The loans are in default, and the Plaintiffs seek to collect 28 the amounts owed to them. In their answers, defendants Access Ypao and Hanom Investments Page -2- 1 have admitted all the allegations in the Complaint except for the amounts currently owed to 2 Plaintiffs. See Docket No. 8 in CV 09-00012, Docket No. 8 in CV09-00013, and Docket No. 9 3 in Cv09-00014. According to the Plaintiffs and defendants Access Ypao and Hanom 4 Investments, the only issues remaining are the determinations of the outstanding debt balances, 5 and SPPC’s liability under the guarantees it signed. 6 SPPC filed an Amended Answer on January 5, 2010, which also asserted counterclaims, 7 cross claims, and third party claims. See Docket No. 36. Specifically with regard to Access and 8 Hanom, SPPC asserts that Messrs. Suhr and Hahm - officers of SPPC1 - set up companies and 9 entities, including Access and Hanom, entirely separate from SPPC. See Amended Answer, 10 Docket No. 36, at ¶49. Beginning in about 2007, it is alleged that Messrs. Suhr, Hahm, and 11 others “schemed to enter into a series of fraudulent multi-million dollar loan transactions for 12 themselves and for the companies Access and Hanom that would benefit them or others 13 personally, but would expose SPPC to extreme and unreasonable risk and financial ruin.” See 14 Amended Answer, Docket No. 36, at ¶52. With regard to the SPPC guarantees for Access and 15 Hanom, SPPC further asserts that “[t]he Korean lenders each had actual or constructive 16 knowledge and/or knew Hanom or Access were insufficiently capitalized to secure or repay the 17 indebtedness of the loans and that Access and Hanom were sham entities, vehicles designed to 18 perpetrate the fraudulent loan scheme; and that Access was an entity formed only in February, 19 2007; and that the loans would contain commercially unreasonable terms that Access and Hanom 20 would never be able to perform. But, that by obtaining the fraudulently or wrongfully procured 21 guarantees, the Korean lenders knew they could, and intended that they would, acquire 22 essentially all of the SPPC assets to satisfy the loan transaction obligations.” See Amended 23 Answer, Docket No. 36, at ¶53. Based on these and other similar allegations of wrongdoing, 24 SPPC asserted twelve cross-claims against Access, including fraud, aiding and abetting breach of 25 fiduciary duty, civil conspiracy, RICO, and tortious interference with contract claims. 26 27 1When SPPC was established as a Guam corporation in about 2000, Messrs. Suhr and Hahm were hired as President and Vice President of the company. See Amended Answer, 28 Docket No. 36. Page -3- 1 In lieu of filing an answer to the cross-claims, Access and Hanom have filed a motion to 2 dismiss. 3 On April 16, 2010, Access and Hanom filed a motion to substitute Mr. Razzano in place 4 of prior counsel Thomas Tarpley. See Docket No. 80. The court granted the request on April 22, 5 2010. See Docket No. 86. 6 Also on April 16, 2010, Access filed the instant motion to disqualify the Lujan firm from 7 further representing SPPC in this action. See Docket No. 82. The motion alleged that the Lujan 8 firm had previously represented Access in Access’ attempt to obtain permitting of a major real 9 estate development in Guam, and that the said former representation was substantially related to 10 the current law suit brought against it by SPPC. On April 21, Access filed an Amended Motion 11 to disqualify the Lujan law firm and SPPC’s Co-counsel Smith (the “Amended Motion”). See 12 Docket No. 95. The amended Motion essentially re-asserted the conflict of interest raised in the 13 Lujan firm’s prior representation of Access and its current representation of SPPC. Additionally, 14 the Amended Motion sought to disqualify co-counsel Mark Smith on the basis that his close 15 working relationship with the Lujan firm created an “imputed conflict” that required his 16 disqualification. 17 DISCUSSION 18 On January 5, 2010, SPPC filed its amended answer and included therein counterclaims, 19 cross-claims and third party complaints totaling twenty-four (24) causes of action alleged in the 20 various claims filed therein. Included within the twenty-four claims are eleven (11) cross-claims 21 against Access.2 Access has moved to disqualify the Lujan firm and Smith based upon these 22 cross-claims. In order to better understand and visualize the interaction of all of the claims filed 23 by SPPC against Access, the court finds it helpful to reference and summarize claims by SPPC 24 25 2In the Seventh Count (Paragraph 166), SPPC actually alleges fraud on the part of Access in relation to the $7.3 million guarantee executed by SPPC on January 19, 2007. The court notes, 26 however, that Access had not yet been incorporated on this date. Furthermore, the court has 27 reviewed paragraphs 57 through 74 of the aforesaid claims and finds that the allegations that make reference to the 7.3 million dollar fraud does not reference Access at all within those 28 paragraphs. Page -4- 1 against Access. These eleven claims are identified and summarized below: 2 Eighth Count 3 Fraud (the February 27, 2007 “Guarantee” on the 15 Million Dollar Loan Scheme.

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Hana Bank v. South Pacific Petroleum Corporation, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hana-bank-v-south-pacific-petroleum-corporation-gud-2010.