Jeffrey Catanzarite Family Limited Partnership et v. Lane

CourtUnited States Bankruptcy Court, E.D. California
DecidedSeptember 10, 2020
Docket12-01053
StatusUnknown

This text of Jeffrey Catanzarite Family Limited Partnership et v. Lane (Jeffrey Catanzarite Family Limited Partnership et v. Lane) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, E.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Jeffrey Catanzarite Family Limited Partnership et v. Lane, (Cal. 2020).

Opinion

UNITED STATES BANKRUPTCY COURT 1 EASTERN DISTRICT OF CALIFORNIA 2 FRESNO DIVISION 3 4 In re ) Case No. 11-63503-B-7 ) 5 FRANK LANE, ) ) 6 ) Debtor. ) 7 ) ) 8 JEFFREY CATANZARITE FAMILY ) ) Adv. Proceeding No. 12-1053 9 LIMITED PARTNERSHIP, a Nevada ) DC No. CHC-1 limited partnership; ERON ) 10 MARTIN; WOLFGANG GREINKE, as ) ) Date: August 19, 2020 TRUSTEE OF THE GREINKE FAMILY 11 ) Time: 11:00 a.m. TRUST; WESLEY LARSEN; BRIAN ) Department B, Judge Lastreto 12 HICKS, as TRUSTEE OF THE HICKS ) Fifth Floor, Courtroom 13 FAMILY TRUST UDT 10/01/2001; ) 13 STEVEN NAZAROFF, individually ) 2500 Tulare Street, Fresno, CA ) 14 and as TRUSTEE OF THE STEVEN ) NAZAROFF RETIREMENT TRUST; THE ) 15 NAZAROFF FAMILY PARTNERSHIP, a ) California General Partnership; ) 16 TRICIA PRENTICE; ROBERT ) ) 17 STROHBACH, as TRUSTEE OF THE ) STROHBACH LIVING TRUST; CATHY ) 18 GALIE-LEWIS; LEASON V. “CHET” ) LEEDS, as TRUSTEE OF THE LEASON ) 19 V. LEEDS TRUST; LYNAE ARNOLD; ) 20 LIZ MALONE, as TRUSTEE OF THE ) ) 21 MALONE FAMILY TRUST, ) ) 22 Plaintiffs, ) ) 23 v. ) ) 24 ) FRANK LANE, ) 25 ) Defendant. ) 26 ) ) 27 28 1 RULING ON MOTION FOR SUMMARY JUDGMENT 2 3 INTRODUCTION 4 One October morning in eastern Cuba about 150 years ago, 5 plantation owner and lawyer Carlos Manuel de Cespedes rang a bell-a 6 normal occurrence-to summon his slaves. But this day was different. 7 Followers numbering 147 gathered and Cespedes gave an impassioned 8 address declaring this the first day of Cuba’s independence from 9 Spain. So inspired were his followers that rebels armed themselves 10 and combatted Spanish forces. The ensuing war is called “The Ten 11 Years’ War.” Many but no decisive battles were fought. After ten 12 years, rebel division and Spanish exhaustion led to the “Antebellum 13 Pact of Zanjon” which temporarily ended the hostilities. Cuba was not 14 independent and any concessions she received quickly waned. More wars 15 were yet to be fought before Cuba gained its independence from Spanish 16 rule 20 years after the end of “The Ten Years’ War.”1 17 Though the tactics are different, we have a “Ten Years’ War” 18 here. This litigation has lasted the length of the first Cuba/Spain 19 conflict. It has also resulted in no decisive battles given the 20 challenges and appeal described below. Another commonality: the 21 indefatigable enmity both sides demonstrate. But conflicts eventually 22 end. This one should now. 23 Plaintiffs ask the court for summary judgment pursuant to Federal 24 Rule of Civil Procedure 56 (made applicable to adversary proceedings 25 by Federal Rule of Bankruptcy Procedure 7056) against Defendant 26 determining that Plaintiffs’ fraud claim is non-dischargeable under 11 27 1 Lennon, Troy, “Cubans rose up against Spain in first war for 28 i hn id se tp oe rn yd /e Cn uc be a, n” s- O rc ot so eb -e ur p -1 a0 g, a i2 n0 s1 t8 -, s pd aa ii nl -y it ne -l fe ig rr sa tp -h w. ac ro -m f. oa ru -/ in ne dw es p/ ed na dy e- nci en /- news- story/5ff6afb075ba8aa402d93129c2828ccl 1 U.S.C. § 523(a)(2)(A) and for authorization to enforce the state court 2 fraud judgment.2 Doc. #115. After careful consideration of the 3 record, the motion will be granted. 4 5 BACKGROUND 6 Pre-Bankruptcy Litigation 7 About fourteen years ago, twenty individuals, trusts and 8 partnerships spent $2.4 million to purchase different member interests 9 in ArmorLite LLC.3 ArmorLite’s president and CEO was Frank Lane 10 Italiane, Jr. (“Frank Lane,” “Lane,” or “Defendant”). The plaintiffs’ 11 claim that Lane represented that though ArmorLite was a fledgling 12 company, it had developed a patented high-tech roofing system based on 13 a PVC/ABS resin that achieved a “Class A” fire rating. Lane also 14 allegedly represented that the system was commercially marketable. 15 After investing the $2.4 million, the plaintiffs claim they were 16 bilked since the system was not as represented. 17 The prototypes of the system did have a “Class A” rating and were 18 successfully installed on certain buildings but, the plaintiffs claim, 19 the proper formula for the resin could not be mass produced. So, 20 ArmorLite surreptitiously changed the formula and the modification 21

22 2 Future references to the Federal Rules of Civil Procedure will be noted by “Civil Rule.” Future references to the Federal Rules of Bankruptcy 23 Procedure will be noted by “Rule.” 3 These entities became plaintiffs in California Superior Court 24 litigation and this adversary proceeding. They are: Jeffrey Catanzarite individually and for Jeffrey Catanzarite Family Limited Partnership, Brian 25 Hicks individually and as Trustee of the Hicks Family Trust UDT October 1, 2001, Steven Nazaroff individually and as Trustee of the Steven Nazaroff 26 Retirement Trust and for Nazaroff Family Partnership, Tricia Prentice, Eron Martin, Cathy Galie-Lewis, Robert Strobach individually and as Trustee of the 27 Strobach Living Trust, Wolfgang Greinke individually and as Trustee of the 28 G or fe i tn hk ee LF ea am si ol ny VT .r u Ls et e, d sW e Ts rl ue sy t L fa or rs e Ln y, n aL ee a As ro nn o lL de ,e d Ls i zi n Md ai lv oi nd eu a al nl dy ta hn ed Ma as l oT nr eu stee Family Trust (collectively “Plaintiffs”). 1 never received the “Class A” rating. The system thus had no 2 commercial market value. Further, there was no patent for the system. 3 Plaintiffs claim they were never told these facts. 4 In the fall of 2008, Lane suffered a severe stroke. He partially 5 recovered but endured a very lengthy cognitive convalescence. He 6 stepped down as CEO and president of ArmorLite. Some of the 7 plaintiffs became directors of ArmorLite and elected to put ArmorLite 8 in bankruptcy in May 2009. 9 Eight months later, the plaintiffs filed a complaint in the 10 Superior Court of California for Los Angeles County (“Superior Court” 11 or “state court”) against Lane and others. The plaintiffs sought 12 damages of $2.4 million alleging securities fraud, fraud, fraudulent 13 nondisclosure, negligent misrepresentation, and conspiracy to commit 14 fraud. The complaint was amended several months later. For reasons 15 that will soon be clear, the fourth cause of action in the amended 16 complaint for fraudulent concealment is the focus of this motion. In 17 addition to incorporating background allegations, the cause of action 18 alleged: 19 • Lane had a duty to disclose material facts to the plaintiffs. 20

21 • Lane secretly changed the formula of the product such that it would not receive a “Class A” rating and therefore be of little 22 value on the commercial market.

23 • No part of the changed formula was patented. 24 • Lane knew or had reason to know this information was unknown by 25 the plaintiffs and was material to their decision to purchase the interests in ArmorLite. 26 27 • Lane withheld this information without any reasonable justification to induce plaintiffs to purchase the interests and 28 otherwise act to the detriment plaintiff’s interests. • When the plaintiff’s acquired their interests and took other 1 actions to their detriment they were ignorant of the facts 2 withheld and could not, in the exercise of reasonable diligence, have discovered the nondisclosures. 3 • In reliance on the undisclosed facts, the plaintiffs invested 4 $2.4 million in acquiring the interests in ArmorLite. They would not have invested had they known the true facts. The plaintiffs 5 justifiably relied on Lane since, he represented, he was expert 6 in the roofing industry and had superior knowledge of the existence of the true facts. 7 • The fraud was not discovered until May 2009 in connection with 8 the decision to file bankruptcy for ArmorLite.

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