Interfinancial Midtown, Inc. v. Choate Construction Company

CourtCourt of Appeals of Georgia
DecidedOctober 20, 2017
DocketA17A1160
StatusPublished

This text of Interfinancial Midtown, Inc. v. Choate Construction Company (Interfinancial Midtown, Inc. v. Choate Construction Company) is published on Counsel Stack Legal Research, covering Court of Appeals of Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Interfinancial Midtown, Inc. v. Choate Construction Company, (Ga. Ct. App. 2017).

Opinion

FIRST DIVISION MCMILLIAN, J. MERCIER AND SELF, JJ.

NOTICE: Motions for reconsideration must be physically received in our clerk’s office within ten days of the date of decision to be deemed timely filed. http://www.gaappeals.us/rules

October 20, 2017

In the Court of Appeals of Georgia A17A1160. INTERFINANCIAL MIDTOWN, INC. et al. v. SE-046 CHOATE CONSTRUCTION COMPANY.

SELF, Judge.

Following a five-day jury trial, Interfinancial Midtown, Inc. (“I-Midtown”),

Piedmont Fountains, LLC (“Piedmont Fountains”), Scott Leventhal, and

Interfinancial Properties, Inc. (“I-Properties”), appeal a judgment in favor of Choate

Construction Company (“Choate Construction”). Appellants assert the trial court

erred by (1) allowing Choate to recover general and punitive damages under

Georgia’s Uniform Fraudulent Transfers Act (“UFTA”), OCGA § 18-2-70 et seq.; (2)

precluding their defense based upon reconveyance of assets; (3) allowing Choate to

recover attorney fees and special master costs and expenses; (4) granting Choate’s

motion in limine to exclude expert evidence relevant to appellants’ intent; and (5) denying their motion for a directed verdict and charging the jury on post-judgment

interest. For the reasons explained below, we affirm.

The evidence submitted at trial shows that in October 1999, Leventhal created

I-Midtown. As its CEO, president, and a co-owner, he managed the daily business

affairs of the company. In 2001, I-Midtown purchased property known as 700

Piedmont to develop 11 town homes through a $920,000 acquisition and pre-

development loan with Quantum National Bank (“Quantum”).1 I-Midtown then hired

Choate to perform construction work on the property.2 I-Midtown’s co-owner, Kurt

Kaiser, experienced financial difficulties due to the “dotcom” bubble collapse and

became insolvent in the middle of 2001.

Some time after September 11, 2001, a serious recession ensued and

construction halted on the project. I-Midtown then began having issues paying its

interest on the loan and property taxes. As a result, I-Midtown entered into a series

of loan modification agreements with Quantum that extended the due date from 2001

through mid-2004.

1 Leventhal personally guaranteed I-Midtown’s loan with Quantum. 2 Leventhal did not personally guarantee I-Midown’s obligation to pay Choate.

2 In November 2001, Choate contended that I-Midtown owed it approximately

$403,000 and demanded payment. In November 2002, Choate filed suit against I-

Midtown for this amount (“Choate I”). Between 2002 and 2004, Leventhal attempted

to sell the property to several different buyers with no success. He also asked Choate

if it would like to become a partner in the project or assist with financing that would

allow the project to move forward, but his efforts “[f]ell on deaf ears.” Finally, John

Williams3 agreed to invest in the project, provided the property was “sold to a new

entity of which he was a member.”

In May 2004, Leventhal incorporated Piedmont Fountains to purchase and

develop the 700 Piedmont property. The organizer of Piedmont Fountains was a

separate corporation created by Leventhal in 1999, I-Properties.4 Piedmont Fountains

had only two members: John Williams, with a 20 percent interest, and I-Properties,

with an 80 percent interest. Piedmont Fountain’s operating agreement provided that

I-Properties would receive a fee of $16,600 each month for management services for

a total sum around $100,000, which was in turn paid to a construction manager

3 Williams is a well-known Atlanta real estate developer who formed and ran Post Properties from 1970 through 2012. 4 Leventhal was the sole owner and president of I-Properties.

3 required by Williams. In separate indemnity agreements executed before the sale of

the property, I-Midtown and I-Properties acknowledged that “the Property [is] subject

to” the pending Choate I lawsuit and agreed to indemnify Williams for any loss or

damages arising out of the Choate lawsuit. Leventhal explained that “he who holds

the gold makes all the rules. Mr. Williams was setting forth various rules for him to

be involved in the participation of the development of this project.” Williams testified

that he wanted the property transferred to a new entity against which no claims were

pending, and that he wanted the purchase price to be high enough to protect against

fraudulent transfer claims.

On July 29, 2004, Piedmont Fountains purchased 700 Piedmont from I-

Midtown for $1.29 million. At the time of the sale, Leventhal was the sole person

making decisions on behalf of I-Midtown, as well as Piedmont Fountains. No

purchase and sale agreement existed between the two parties, and Leventhal agreed

that he made the decision about the purchase price on behalf of both the buyer and the

seller based upon “a number of factors.” These factors included “appraised value,

market value, pro formas, [and] willingness of investors.” Leventhal denied that he

could have set the purchase price $400,000 higher in order to pay Choate, because it

would have meant that Williams would have lost money on his investment. In support

4 of this position, Leventhal asserted that after all of the town homes were sold, the

total profit for the development was less than $100,000. A higher sales price

sufficient to pay Choate would have “resulted in a loss” for Piedmont Fountains. At

the time of the sale, Choate had not filed any liens on the property.

Piedmont Fountains financed the purchase and completed construction of the

project through a $3.1 million loan from Regions Bank, along with equity contributed

by I-Properties ($145,000) and Williams ($125,000). Leventhal informed both

Williams and Regions Bank about Choate’s pending lawsuit against I-Midtown. Both

Leventhal and Williams personally guaranteed the Regions Bank note. According to

Leventhal, Regions issued the loan based primarily upon Williams’ financial strength;

“[t]here was no loan whatsoever to be obtained from Regions Bank without Mr.

Williams being a co-guarantor on this loan.”

At closing, I-Midtown used the $1.29 million purchase price to pay the balance

of the loan to Quantum, recording costs, transfer taxes, various tax liens on the

property, the attorney handling the payment of the liens, and ad valorem taxes. After

these payments were made, I-Midtown received $300,660.13 at closing. Within nine

months, Midtown used all but $1,105 of these funds to pay, among others, Leventhal

$175,223, and I-Properties $13,282. With regard to the amount he received,

5 Leventhal explained that he used the majority of it to repay the $145,000 sum he had

placed into I-Properties so it could make a capital contribution into Piedmont

Fountains. Leventhal admitted that he authorized all of the disbursements made by

I-Midtown after the sale of the property.

I-Midtown did not pay Choate with any proceeds from the sale. Leventhal

testified that at the time of the sale in 2004, “[I-]Midtown did not believe that Choate

had a valid right to any money whatsoever.” Although money totaling $354,000 was

placed back into I-Midtown between 2005 and 2010, it was not used to pay Choate.

In Leventhal’s view, “Choate and [I-]Midtown were entangled in a very disputed

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Interfinancial Midtown, Inc. v. Choate Construction Company, Counsel Stack Legal Research, https://law.counselstack.com/opinion/interfinancial-midtown-inc-v-choate-construction-company-gactapp-2017.