HICKEY v. SMITH

CourtDistrict Court, S.D. New York
DecidedMarch 3, 2025
Docket1:23-cv-02538
StatusUnknown

This text of HICKEY v. SMITH (HICKEY v. SMITH) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
HICKEY v. SMITH, (S.D.N.Y. 2025).

Opinion

UNITED STATES DISTRICT COURT DOC #: DATE FILED: 3/3/20 25 SOUTHERN DISTRICT OF NEW YORK JOSEPH P. HICKEY, et al., 1:23-cv-02538-MKV Plaintiff, OPINION AND ORDER -against- GRANTING MOTION TO JOSEPH P. SMITH, et al., DISMISS OR STAY SECOND AMENDED COMPLAINT Defendants. MARY KAY VYSKOCIL, United States District Judge: Plaintiffs Joseph P. Hickey and Laurel Ulrich, individually and as guardian for her two minor children, (together, “Plaintiffs”) bring this action against Defendants Joseph P. Smith, Joseph J. Grillo, Richard F. Passarelli, Joseph C. Phair, BV at JFK, Inc. (“Kennedy BV”), JJJ&R Corporation (“Park Avenue BV”), C. Smith Corporation (“Times Square BV”), Strathroy Park Corporation (“New York Avenue BV”), J. Caldwell Corporation (“J. Caldwell BV”), Veronica & Josephine Corporation (“Veronica BV”), and R.J.J.J. Restaurant Corporation (“White House BV”) (collectively, the “Restaurant Defendants” and together with Smith, Grillo Passarelli, and Phair, “Defendants”), to recover alleged fraudulently obtained and transferred ownership interests and withheld income distributions related to several Bobby Van’s Restaurants in which Plaintiffs purportedly were minority shareholders. Defendants move to dismiss Plaintiffs’ Amended Complaint for failure to state a claim pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure, failure to meet the heightened fraud pleading standard under to Rule 9(b) of the Federal Rules of Civil Procedure, because the claim is time-barred, and to dismiss or stay this action in favor of arbitration. Defendants’ motion to stay is GRANTED and this case is stayed pending arbitration. FACTUAL BACKGROUND I. Bobby Van’s Restaurants In the early 1990s, Plaintiff Joseph Hickey and Defendants Joseph Smith, Richard Passarelli, and Joseph Phair founded the first Bobby Van’s Restaurant in Bridgehampton, New York. See [ECF No. 94 (“Second Amended Complaint” or “SAC”) ¶ 20].1 Over the years, the

partners opened several restaurants operating under the trade name “Bobby Van’s” in New York and Washington, D.C. SAC ¶ 24. Joseph Grillo served as the accountant and financial advisor for the restaurants. SAC ¶ 4. Prior to 2014, Hickey maintained ownership interests in various restaurants, including 24.5% in Park Avenue BV; 15.25% in Times Square BV; 14.0% in Herbert Street LLC; 16.5% in J. Caldwell BV; 14.50% in White House BV; 15.125% in New York Avenue BV; 17.25% in Veronica BV; 24.00% in Kennedy BV. SAC ¶¶ 21, 24. In 2014, Hickey transferred his 24% ownership interest in Kennedy BV to his two minor children with Plaintiff Laurel Ulrich as their guardian. SAC ¶ 27. In 2016, Hickey sold his interest in Bridgehampton BV and Herbert Street LLC to two of his fellow co-founders, Phair and Smith,

respectively. SAC ¶ 28. In 2017 and 2021, Hickey signed two further agreements involving his remaining shares in the Bobby Van’s restaurants. The true effect of those two agreements is the central question of this dispute. II. The 2017 Stock Purchase Agreement In May 2017, Smith and Phair informed Hickey that they were negotiating with a third party who was interested in purchasing some or all the Bobby Van’s restaurants if they could reach an agreement with Hickey regarding compensation for the sale of his ownership interest (not including the ownership interests of his two minor children in Kennedy BV). SAC ¶ 30. In the

1 The facts as stated herein are based on Plaintiffs’ allegations in the Second Amended Complaint and are accepted as true for the purposes of the motion. See Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009). same month, Hickey met Phair and Smith at the law offices of the attorney representing Smith and Phair, and signed the “Stock Purchase Agreement” (the “2017 SPA”) after Smith and Phair made several oral representations about the meaning of the agreement. SAC ¶¶ 31, 42; see ECF No. 94- 1 (“2017 SPA” or the “2017 Agreement”). The 2017 SPA is signed by Hickey, Phair and Smith

and identifies Hickey as the “Seller” and Phair and Smith as the “Purchasers.” 2017 SPA at 5. The SPA states that “the Seller desires to sell said [Park Avenue BV] stock.” 2017 SPA at 1. The “Purchase and Sale” section or Paragraph One of the 2017 SPA states that “the Seller shall sell, convey, transfer and deliver to Purchasers certificates representing such stock, and the Purchasers shall purchase from the Seller [the Park Avenue BV] Stock[.]” 2017 SPA ¶ 1. The consideration for the purchase of Hickey’s Park Avenue BV shares is set out in an exhibit to the 2017 SPA. 2017 SPA ¶ 2, Exhibit A. The exhibit provides that the sum of $100,000 would be “delivered to Seller upon the execution of this Agreement” and three additional payments of the same would be made to Hickey at specified dates over the next three years. Id. Paragraph Five or the “Option to Purchase Shares of Stock and Interest or the Option”

dictates that “Seller hereby grants Purchasers an irrevocable option.” 2017 SPA ¶ 5. That option would be “exercisable upon the receipt of $100,000 sale of the [Park Avenue BV] stock” at which time “the Seller shall release any and all right, title and interest he may have in the name ‘Bobby Van’s’.” Id. Thereafter, if the “Purchasers,” Smith and Phair, entered into a transaction to sell their interests in the “Option Stores,”2 Smith and Phair could exercise the option by paying Hickey $600,000. Id. If Smith and Phair did not sell their interest in the “Option Stores,” “within 36

2 The term “Option Stores” is never defined in the 2017 SPA. See 2017 SPA. However, the requirement that Hickey release all “right, title and interest” in the name “Bobby Van’s”, suggests that Hickey would be required to give up his interest in all five of the stores in addition to Park Avenue BV in which he maintained an interest—Times Square BV, J. Caldwell BV, White House BV, New York Avenue BV, and Veronica BV. months” of the Agreement, Hickey and Phair could “exercise the Option by paying to [Hickey] $400,000.” Id. Smith and Phair made the following oral representations to Hickey before he signed the 2017 SPA:

• The written provisions of the 2017 SPA providing for the sale of Hickey’s interest in Park Avenue BV were void by agreement of the parties, and Hickey would retain his stock certificates until the options were exercised and he was paid in full. SAC ¶¶ 35, 40, 42. • In lieu of Hickey selling his ownership in Park Avenue BV under Paragraph One, Smith and Phair would pay Hickey $100,000 for the Option Right to purchase Hickey’s Park Avenue BV shares and if the Option Right was never exercised, Hickey would keep the $100,000 and his ownership shares. See id. at ¶ 36. Smith and Phair could purchase the Park Avenue BV shares by paying Hickey $600,000. SAC ¶ 37. • Paragraph Five created an option for Phair and Smith to purchase Hickey’s shares in the

other five restaurants, which they could only exercise after paying Hickey $600,000. SAC ¶ 36. Plaintiffs allege that these statements were “material misrepresentations that go[] to the basic nature of the [2017 SPA]” because Smith and Phair have “subsequently disavowed” these terms and claimed ownership rights over all of Hickey’s remaining shares in the Bobby Van’s restaurants. SAC ¶¶ 38, 42. The corporate bylaws of each of the Restaurant-Defendants require any selling shareholder to endorse his stock certificates and to register such with the affected corporation. SAC ¶ 34. Hickey believed that adhering to this bylaw requirement would protect against improper or

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