HPIL Holding, Inc. v. Haining Zhang

CourtDistrict Court, E.D. Michigan
DecidedMarch 31, 2025
Docket1:23-cv-12050
StatusUnknown

This text of HPIL Holding, Inc. v. Haining Zhang (HPIL Holding, Inc. v. Haining Zhang) is published on Counsel Stack Legal Research, covering District Court, E.D. Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
HPIL Holding, Inc. v. Haining Zhang, (E.D. Mich. 2025).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN NORTHERN DIVISION

HPIL HOLDING, INC.,

Plaintiff, v. Case No. 1:23-cv-12050

HAINING ZHANG, et al., Honorable Thomas L. Ludington United States District Judge Defendants. __________________________________________/ OPINION AND ORDER DISMISSING PLAINTIFF’S COMPLAINT FOR LACK OF SUBJECT MATTER JURISDICTION AND DENYING PENDING MOTIONS AS MOOT

At its core, this case concerns a power struggle between Christopher Philbrick and Stephen Brown to control a twenty-year-old company, HPIL Holding, Inc (HPIL). Confusion has plagued this struggle at every turn. At best, this confusion is attributable to twenty years of complex corporate history impacted by protracted state court proceedings. At worst, it is attributable to all Parties speaking past one another and presenting self-serving, conclusory narratives to further potential fraud. HPIL is somewhat of an apparition. It has never had any legitimate business operations. Its public financial filings suggest it has never realized meaningful profits. It has largely survived as a going concern through promissory note funding from various investors, swelling its liabilities to over ten million dollars. Yet, in 2020, HPIL was seemingly defunct and Defendant Haining Zhang—a minority shareholder—filed receivership proceedings in the 42nd Circuit Court seeking to appoint his friend, Defendant Angela Collette, as HPIL’s receiver to rehabilitate the company. For reasons unknown, Zhang did not properly serve HPIL in its state of incorporation. But the improper service was initially not known to Midland Circuit Judge Stephen Carras, who granted Zhang a default judgment after HPIL did not appear or respond, and appointed Collette as HPIL’s receiver. In April 2021, Collette entered into an agreement with Defendant Stephen Brown—a Canadian citizen—appointing him to serve as HPIL’s CEO. Five months later, three other purported HPIL shareholders—Christopher Philbrick, Ray Wong, and Frank Dougherty—intervened in the Midland Receivership proceedings and sought to

set aside the default judgment because HPIL was not properly served. In November 2021, Judge Carras dismissed Zhang’s receivership complaint for the same reasons but did not vacate Collette’s decisions and actions in the year she served as HPIL’s receiver, including her appointment of Stephen Brown as CEO. Philbrick and his fellow intervenors then filed derivative counterclaims in the Midland Circuit Court on HPIL’s behalf against Zhang, Collette, and Brown, alleging all three defrauded the state court and HPIL shareholders. But in April and June 2023, Judge Carras dismissed all derivative counterclaims because Philbrick, Wong, and Dougherty were not continuous HPIL shareholders throughout the receivership proceedings, and, even if they were, they did not file a written demand on CEO Brown or any other HPIL director. Judge Carras also rejected Philbrick’s argument that he–not Brown—was HPIL’s CEO, such that he need not comply

with the shareholder derivative demand requirement. Philbrick wants another bite of the apple in federal court, and attempts to mask his second serving by filing the complaint in HPIL’s name rather than his own. But this lawsuit in HPIL’s name is only proper if Philbrick has the authority to act on HPIL’s behalf. The state court repeatedly held that he does not. So Rooker-Feldman divests this court of jurisdiction to consider Philbrick’s de facto appeal. I.

Plaintiff HPIL Holding, Inc. (HPIL) is a holding company incorporated in Wyoming. Plaintiff’s operative, consolidated complaint is best considered in two parts. Part one concerns receivership proceedings in the 42nd Circuit Court in Midland, Michigan, where Plaintiff alleges that Defendants Haining Zhang and Angela Collette conspired to initiate in 2020 and fraudulently influenced throughout 2023, resulting in Collette being appointed to serve as HPIL's receiver. Part two concerns an alleged “pump and dump” scheme orchestrated after HPIL’s receivership and

rehabilitation, in which Plaintiff alleges Canadian resident Defendant Stephen Brown—along with his associates and affiliated entities—deprived HPIL shareholders of nearly three million dollars. But these allegations cannot be fully understood without first understanding HPIL’s history. Admittedly, the following background is confusing. The Parties’ pleadings have not provided clarity. So the following facts pull heavily from public financial filings, which serve as more neutral narrators. A. HPIL’s Origins HPIL’s story begins in 2004 in Delaware, where Anju Tandon incorporated “TNT Designs, Inc.” (TNT), a fashion company focused on marketing and distributing “scarves, handbags, and other products from India.” TNT Designs Inc., Current Report (Form 8-K) (May 16, 2007). Tandon

served as TNT’s CEO—and sole officer, director, and member—from its inception until mid-2009. See TNT Design Inc., Comment Letter (May 6, 2005). But TNT did little, if any, business during these five years. Indeed, its public SEC filings reflect that, in late 2009, it was still “a ‘blank check’ . . . development stage company” with “no specific business plan or purpose.” TNT Designs Inc., Quarterly Report (Form 10-Q) (Aug. 19, 2009). Yet shares of TNT common stock were publicly traded on the over-the-counter1 (OTC) market.2 Enter Louis Bertoli. On June 16, 2009, Bertoli purchased 86% of TNT’s common “penny” stock shares for $173,130. TNT Designs Inc., Current Report (Form 8-K) (June 16, 2009). As a

result, Bertoli became TNT’s majority shareholder and was elected TNT’s Chairman, CEO, and President. See id. At an annual shareholder meeting on October 7, 2009, a majority of TNT shareholders approved a Merger Agreement with Trim Nevada, Inc. See TNT Designs Inc., Current Report (Form 8-K) (October 14, 2009); see also ECF No. 1-2 at PageID.59–70 (Articles of Merger and Amended Articles of Incorporation). It seems Trim Nevada, Inc. was a “blank check” company, too, because this merger did not “change . . . TNT’s business, management, . . . assets, liabilities, or net worth.” See id. Indeed, TNT’s management publicly reported the merger was intended only to change TNT’s corporate domicile “from Delaware to Nevada.” Id.

1 The OTC market differs from traditional stock markets like the New York Stock Exchange. The OTC is decentralized and “essentially anonymous.” Fridrich v. Bradford, 542 F.2d 307, 309, n. 5 (6th Cir. 1976). Instead of a physical marketplace, all trades of OTC securities—sometimes referred to as “penny stocks” or “pink sheets”—occur on the electronic OTC Bulletin Board (OTCBB). See Over-the-Counter Market, U.S. SEC. AND EXCH. COMM’N, https://www.sec.gov/about/divisions-offices/division-trading-markets/over-counter-market (last updated May 9, 2013). “OTC markets are generally less transparent and less regulated than traditional stock exchanges, which makes them potentially risker to invest in.” OTC Stocks and OTC Markets, CHARLES SCHWAB, https://www.schwab.com/stocks/understand-stocks/otc- markets (last visited March 12, 2025) [https://perma.cc/QR74-3TXH]. 22 HPIL is currently designated as “caveat emptor” or “buyer’s beware” on the OTCBB. See HPIL Holding, OTC MARKETS, https://www.otcmarkets.com/stock/HPIL/overview (last visited Mar. 14, 2025) [https://perma.cc/5G35-EQPN]. This designation applies to companies that (1) engage in “misleading or manipulative” stock promotion, (2) engage in “fraudulent or other criminal activity,” or (3) provide insufficient public information to explain their corporate conduct. Id.

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Bluebook (online)
HPIL Holding, Inc. v. Haining Zhang, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hpil-holding-inc-v-haining-zhang-mied-2025.