Ivy Fund Manager, LLC, d/b/a OC Ventures; Ivy Midtown GP, LLC; and NDG Student Living, LLC, d/b/a Varsity Campus v. CDH Real Estate Investment Management Company, Ltd.; Cook Summit Holding, LLC; and Cook Summit Investor, LLC

Supreme Court of Alabama·Decided August 21, 2026·No. SC-2025-0799·Published

Opinion

Rel: August 21, 2026

Notice: This opinion is subject to formal revision before publication in the advance sheets of Southern Reporter. Readers are requested to notify the Reporter of Decisions, Alabama Appellate Courts, 300 Dexter Avenue, Montgomery, Alabama 36104-3741 ((334) 229-0650), of any typographical or other errors, in order that corrections may be made before the opinion is printed in Southern Reporter.

SUPREME COURT OF ALABAMA SPECIAL TERM, 2026

SC-2025-0799

Ivy Fund Manager, LLC, d/b/a OC Ventures; Ivy Midtown GP, LLC; and NDG Student Living, LLC, d/b/a Varsity Campus

v.

CDH Real Estate Investment Management Company, Ltd.; Cook Summit Holding, LLC; and Cook Summit Investor, LLC

Appeal from Lee Circuit Court (CV-23-900453)

MENDHEIM, Justice.

Ivy Fund Manager, LLC, d/b/a OC Ventures; Ivy Midtown GP, LLC;

and NDG Student Living LLC, d/b/a Varsity Campus1 (collectively referred to as "Ivy"), appeal from a default judgment entered by the Lee Circuit Court in favor of CDH Real Estate Investment Management Company, Ltd.; Cook Summit Holding, LLC; and Cook Summit Investor, LLC (collectively referred to as "CDH"). We dismiss the appeal.

I. Facts

CDH is a real-estate investment firm based in China. Ivy is a real-estate investment and management firm based in Singapore. In October 2021, CDH and Ivy entered into a joint venture to own, develop, and operate Midtown Auburn, a mixed-use residential property near Auburn University. Under the agreements executed by CDH and Ivy, CDH owns approximately an 80 % interest in the joint venture, and Ivy holds approximately a 20 % interest and serves as the joint venture's manager. Because Ivy is the manager, it has unlimited access to the joint venture's bank accounts. The parties agree that the executed joint- venture agreements provide for resolution of certain disputes via

1Originally, Ivy Midtown LP, LLC, also was an appellant in this

appeal. However, on December 19, 2025, this Court granted Ivy Midtown LP's motion for a voluntary dismissal of its appeal.

arbitration and that those agreements incorporate the American Arbitration Association's rules of arbitration.

In its complaint, CDH alleged that Ivy had used its access to the joint venture's bank accounts to make unauthorized transfers of funds to separate Ivy accounts. CDH alleged that Ivy had stolen over $1 million from those accounts and that, when CDH confronted Ivy about it, Shangxuan Tan, Ivy's CEO, told CDH that Ivy had "a practice of shifting monies between accounts to cover expenses of various properties within [Ivy's] portfolio. ... Mr. Tan admitted the transfers were wrongful, and promised CDH that the money would be repaid." However, according to CDH, only a small portion of the funds was repaid, despite numerous promises from Tan that Ivy would restore the funds to the joint venture's accounts.

On November 22, 2023, CDH commenced an action against Ivy in the Lee Circuit Court alleging that Ivy had stolen funds from CDH that were intended to be used for the joint venture. The complaint alleged four causes of action: (1) declaratory judgment to prevent Ivy from abusing the "Deadlock" provision in the joint-venture agreements, (2) fraudulent misrepresentation, (3) conversion, and (4) fraudulent suppression. CDH

asserted that $935,000 in stolen funds still had not been repaid at the time the complaint was filed.

On March 8, 2024, CDH filed an "Application for Entry of Default"

against Ivy on the ground that Ivy had been served with the complaint but had not pleaded or otherwise defended against the complaint. On March 15, 2024, CDH filed a "Motion for Judgment By Default" against Ivy for having failed to respond to the complaint. CDH requested $935,000 in damages. The trial court set a hearing concerning CDH's motion for a default judgment to be held on June 20, 2024.

On June 19, 2024, Ivy filed its answer to CDH's complaint. Ivy did not list arbitration among the affirmative defenses it asserted in its answer. On the same date, Ivy filed a response in opposition to CDH's motion for a default judgment. In that response, Ivy expressly stated that it did "not dispute [its] current knowledge of this litigation and [is] willing to move forward with litigation should settlement negotiations continue to prove unsuccessful." As an explanation for the delay in responding to the suit, Ivy stated that it had

"been attempting to negotiate the underlying circumstances giving rise to this matter with [CDH] since August 2023.

"8. Moreover, since that time, [Ivy has] apparently repeatedly informed [CDH] that [it is] attempting to liquidate property in order to acquire the funds necessary to effectuate a settlement.

"....

"10. In fact, [Ivy is] under contract to liquidate[]

properties and the deals are expected to close within the next ninety (90) days, and upon informing [CDH] of this information, expected that this litigation would be dismissed upon the entry of a settlement agreement or consent judgment."

Based on the foregoing assertions, Ivy asked the trial court to deny the motion for a default judgment. Ivy did not mention arbitration in its response to CDH's motion for a default judgment. In response to Ivy's filings, the trial court reset the hearing for August 22, 2024.

On August 13, 2024, CDH filed a motion to strike Ivy's answer to the complaint. CDH contended that striking the answer and entering a default judgment was warranted because, it said, Ivy's initial "failure to answer was willful, knowing, and strategic." CDH also contended that Ivy lacked a meritorious defense to the action because Ivy "stole money from [CDH], plain and simple, and [its] criminal behavior cannot reasonably be defended on any ground. Indeed, [Ivy has] acknowledged such misconduct, repeatedly promising to pay [CDH] what [it] stole."

CDH described Ivy's answer and its response to the motion for a default judgment as "vague allusions to anticipated or potential repayment of stolen funds via settlement [and] yet another attempt by [Ivy] to cover up [its] criminal acts and avoid accountability for [its] crimes."

On September 6, 2024, the trial court denied CDH's motion for a default judgment. The trial court ordered a status conference for the case to be held on October 21, 2024. On October 25, 2024, CDH informed the trial court that it had served interrogatories, requests for admission, and requests for production upon Ivy. On November 25, 2024, the parties filed a joint motion for a scheduling order. The proposed scheduling order attached to that motion set the case for a jury trial to be held on March 3, 2025. On November 26, 2024, the trial court adopted the parties' proposed scheduling order. On December 2, 2024, Ivy informed the trial court that it had provided responses to CDH's propounded discovery. On December 4, 2024, CDH informed the trial court that it had served discovery requests seeking video depositions from Ivy, including the deposition of Tan, who also served as the designated corporate representative for Ivy.

On December 6, 2024, Ivy filed a motion for a protective order in which it stated that, "[f]ollowing this Court's adjudication of [CDH's] motion for default judgment, [Ivy has] been engaged in the defense of this litigation, the discovery process, and ongoing attempts to settle this matter in good faith and will continue in those efforts until this matter is resolved." Ivy sought a protective order concerning the manner in which the deposition of Tan was to occur. Specifically, Ivy sought to have the deposition occur via videoconferencing technology because Tan resides in Singapore, but CDH had insisted that the deposition occur in person at the offices of CDH's counsel in Montgomery.2 Ivy argued that the accommodation of a videoconference deposition was necessary because

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Ivy Fund Manager, LLC, d/b/a OC Ventures; Ivy Midtown GP, LLC; and NDG Student Living, LLC, d/b/a Varsity Campus v. CDH Real Estate Investment Management Company, Ltd.; Cook Summit Holding, LLC; and Cook Summit Investor, LLC, (Ala. 2026).

Ivy Fund Manager, LLC, d/b/a OC Ventures; Ivy Midtown GP, LLC; and NDG Student Living, LLC, d/b/a Varsity Campus v. CDH Real Estate Investment Management Company, Ltd.; Cook Summit Holding, LLC; and Cook Summit Investor, LLC (Ivy Fund Manager, LLC, d/b/a OC Ventures; Ivy Midtown GP, LLC; and NDG Student Living, LLC, d/b/a Varsity Campus v. CDH Real Estate Investment Management Company, Ltd.; Cook Summit Holding, LLC; and Cook Summit Investor, LLC) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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